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Affordable Housing in Zip Code 63301: A Decade of LIHTC Development in St. Charles, 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 63301 in St. Charles, Missouri, has a population of 51,411 as of 2022. This area has received Low-Income Housing Tax Credit (LIHTC) funding for affordable housing, contributing to the local housing inventory. The zip code contains 233 total units in LIHTC funded projects, with 229 designated as low-income units. Based on an estimated housing inventory of 19,698 units, LIHTC funded affordable housing comprises approximately 1.18% of the zip code's housing stock.
The LIHTC program has invested $2,187,000 in tax credits for affordable housing projects in zip code 63301. This equates to an average federal funding of $9,386 per unit. This zip code accounts for 0.62% of Missouri's total LIHTC funding, indicating a significant resource allocation to this area.
Affordable housing has been present in this community for nearly a decade. The first LIHTC project, Jaycee Fairgrounds Village, was completed in 2013, and the most recent, West Clay Senior Living Phase II, was finished in 2020. The 2010s saw the most affordable housing development in this zip code, with three projects completed during this period.
The affordable housing inventory in zip code 63301 primarily consists of one-bedroom and two-bedroom units. Of the 233 total units, 165 are one-bedroom apartments and 68 are two-bedroom units. This distribution suggests a focus on accommodating smaller households and potentially seniors.
West Clay Senior Living Phase II, a notable project in this zip code, specifically targets the handicapped population. This project likely incorporates design features and services to meet the unique needs of individuals with disabilities, potentially including accessible layouts, supportive services, and community spaces tailored to enhance quality of life for residents with physical challenges.
Over the past decade, zip code 63301 has experienced steady population growth, increasing from 49,493 in 2014 to 51,411 in 2022. This growth may have contributed to the need for additional affordable housing options. Concurrently, the median income has risen from $62,821 in 2014 to $73,247 in 2022, potentially indicating a growing disparity between high and low-income residents and underscoring the importance of affordable housing initiatives.
The racial composition of zip code 63301 has remained relatively stable, with a slight decrease in the white population from 85% in 2014 to 82% in 2022, and small increases in Asian, Black, and Hispanic populations. This gradual diversification may reflect changing housing needs and the importance of inclusive affordable housing options.
Zip code 63301 in St. Charles, Missouri, has seen a steady implementation of LIHTC funded affordable housing projects over the past decade. These projects cover a small percentage of the total estimated housing stock but provide crucial low-income housing options in an area experiencing population growth and rising median incomes. The focus on one and two-bedroom units, along with specialized projects for handicapped individuals, demonstrates an effort to address diverse housing needs within the community. As the area continues to grow and diversify, ongoing attention to affordable housing initiatives will be essential to maintain a balanced and inclusive community.
