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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 63640 in Farmington, Missouri, contains a significant inventory of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 246 total units in LIHTC-funded projects, including 210 low-income units. This represents approximately 2.34% of the estimated 10,517 housing units in the zip code, based on the 2022 population of 27,450.
The LIHTC projects in zip code 63640 have received $26,748,725 in tax credits, averaging about $108,734 per unit. This allocation constitutes 7.63% of the total state LIHTC funding, indicating substantial investment in affordable housing for this area.
Affordable housing has been present in zip code 63640 for nearly three decades. The first project, Countryside Estates II, was completed in 1988, while the most recent, Pine Ridge Apartments, was finished in 2017. The 2010s saw the most development activity, with three projects completed: Birch Tree Apartments (2012), Birch Tree Apartments II (2014), and Pine Ridge Apartments (2017).
The LIHTC-funded projects in zip code 63640 offer a range of unit types, including 24 efficiencies, 32 one-bedroom units, 187 two-bedroom units, and 3 four-bedroom units. This distribution suggests accommodation for various household sizes, with a focus on two-bedroom units. The Pine Ridge Apartments, completed in 2017, specifically targets the handicapped population, addressing unique housing needs.
Over the past decade, zip code 63640 has experienced steady population growth, increasing from 24,703 in 2010 to 27,450 in 2022. The median income has also shown an upward trend, rising from $49,260 in 2013 to $54,568 in 2022. This economic growth may have contributed to the continued development of affordable housing projects.
The racial composition of zip code 63640 has remained relatively stable, with a slight increase in diversity. The white population decreased marginally from 92% in 2013 to 90% in 2022, while the Black population increased from 4% to 5%, and the Hispanic population grew from 1% to 3%. This gradual diversification may have influenced the need for varied affordable housing options.
Zip code 63640 has a well-established LIHTC-funded affordable housing inventory, developed over three decades. The area has received a significant portion of state LIHTC funding, resulting in diverse housing options that cater to various household sizes and needs. The continued development of LIHTC projects aligns with the zip code's population growth and increasing median income, suggesting an ongoing commitment to maintaining affordable housing options in a changing demographic landscape.