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Affordable Housing in Zip Code 64060: A Study of LIHTC Projects in Kearney, 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
The zip code 64060, located in Kearney, Missouri, has a population of 14,609 as of 2022 and covers an area of 56.1 square miles. This zip code contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing, with a total of 143 units, all designated as low-income units. Based on the estimated housing inventory of 5,597 units, the LIHTC funded affordable housing represents approximately 2.55% of the zip code's housing stock.
The LIHTC projects in zip code 64060 have received $1,183,433 in project tax credits, averaging $8,275 in federal funding per unit. This represents 0.34% of the total LIHTC funding allocated to the state of Missouri.
Affordable housing has been present in this zip code for nearly three decades. The first project, San Jon Estates, was completed in 1988, and the most recent project, Centerville Cottages, was finished in 2017. The 1980s and 1990s marked the initiation of affordable housing in the area, with projects such as Kearney Estates completed in 1992. The 2010s saw another period of growth, with Eastwood Apts completed in 2011.
The affordable housing inventory in zip code 64060 consists primarily of one-bedroom and two-bedroom units, with 40 one-bedroom and 103 two-bedroom units. The Centerville Cottages project, completed in 2017, is specifically targeted towards individuals with disabilities, addressing the needs of this particular population.
Over the past decade, zip code 64060 has experienced steady population growth, increasing from 12,792 in 2013 to 14,609 in 2022. This growth may have contributed to the need for additional affordable housing options, as evidenced by the completion of two LIHTC projects during this period.
The median income in zip code 64060 has shown an upward trend, rising from $85,402 in 2013 to $93,837 in 2022. Despite this increase, the continued development of affordable housing suggests an ongoing need for low-income housing options in the area.
Racial demographics in zip code 64060 have remained relatively stable, with the white population constituting the majority (90% in 2022). There has been a slight increase in diversity, with the Hispanic population growing from 2% in 2013 to 4% in 2022, and individuals identifying as two or more races increasing from 1% to 5% over the same period.
Zip code 64060 in Kearney, Missouri, has a small but significant LIHTC funded affordable housing inventory, covering 2.55% of the estimated housing stock. The area has seen consistent development of affordable housing projects over nearly three decades, with a focus on one-bedroom and two-bedroom units. The most recent project, completed in 2017, caters specifically to individuals with disabilities. Despite rising median incomes, the continued development of affordable housing suggests an ongoing need in the community. The zip code's population growth and slight increase in diversity over the past decade may have influenced the demand for affordable housing options.
