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Affordable Housing in Zip Code 63028: Two Decades of LIHTC Projects in Festus, Missouri
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 63028, situated in Festus, Missouri, contains a notable inventory of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area encompasses 276 units in LIHTC funded projects, with 168 designated as low-income units. This affordable housing stock represents approximately 2.44% of the estimated 11,312 housing units in the zip code, based on the 2022 population of 29,525.
The LIHTC projects in zip code 63028 have received $949,011 in project tax credits, averaging about $3,439 per unit in federal funding. This zip code accounts for 0.27% of the total state funding for LIHTC projects in Missouri. The affordable housing initiatives in this area span over two decades, with the earliest recorded project, Twin City Villa, completed in 1995, and the most recent, Bluff View Apartments, finished in 2015.
The LIHTC funded projects in zip code 63028 offer a range of unit types to accommodate various household sizes. The inventory includes 101 one-bedroom units, 89 two-bedroom units, and 32 three-bedroom units. This diversity in unit types reflects efforts to meet the varied housing needs of the community.
Zip code 63028 has experienced steady population growth over the past decade, increasing from 27,720 in 2013 to 29,525 in 2022. This growth trend coincides with the ongoing development of affordable housing projects during this period. The median income in the area has also shown an overall increase, rising from $60,682 in 2013 to $67,991 in 2022, despite some fluctuations. This upward trend in income may indicate a growing need for balanced housing options, including affordable units for lower-income residents.
Racial demographics in zip code 63028 have remained relatively stable, with a slight decrease in the white population from 94% in 2013 to 89% in 2022, accompanied by small increases in other racial groups. This gradual diversification may suggest a need for continued focus on inclusive housing policies.
Zip code 63028 demonstrates a consistent commitment to affordable housing through its LIHTC funded projects. While the current inventory comprises a small percentage of the estimated housing units, it represents a significant investment in addressing affordable housing needs. The diversity of unit types and the span of projects over two decades reflect ongoing efforts to meet changing community needs. As the area continues to grow and diversify, maintaining and potentially expanding affordable housing options may be crucial for supporting a balanced and inclusive community.
