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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 64075, located in Oak Grove, Missouri, has a specific affordable housing situation influenced by the Low-Income Housing Tax Credit (LIHTC) program. This zip code covers 52.32 square miles and had a population of 12,843 as of 2022. The LIHTC program has funded 74 affordable housing units in this area, all of which are designated as low-income units. These units represent approximately 1.5% of the estimated 4,921 housing units in the zip code.
The LIHTC program has supported four projects in zip code 64075. The earliest projects, Heather Oaks Apartments and Oak Grove Villa Apartments, were completed in 1991. Westchester Village of Oak followed in 1993. This indicates that affordable housing has been present in this community for over three decades. The 1990s saw the most affordable housing development activity in this zip code, with three out of the four projects being completed during this period.
The LIHTC-funded projects in zip code 64075 offer a range of housing options. There are 40 one-bedroom units, 1 two-bedroom unit, 11 three-bedroom units, and 22 four-bedroom units. This variety accommodates different household sizes and needs within the low-income population.
Zip code 64075 has experienced slight population growth over the past decade, increasing from 12,173 in 2013 to 12,843 in 2022. During this period, the median income has also increased, rising from $60,723 in 2013 to $70,694 in 2022. This increase in median income may indicate a growing need for affordable housing options to support lower-income residents who may face rising living costs.
The racial demographics of zip code 64075 have remained relatively stable. The white population has consistently represented over 90% of the total. There has been a slight increase in diversity, with small increases in Asian, Black, and multiracial populations. This demographic stability suggests that the affordable housing needs of the community may have remained relatively consistent over the past decade.
The LIHTC program has played a significant role in providing affordable housing options in zip code 64075, with 74 low-income units across four projects. These developments, primarily built in the 1990s, offer a range of unit sizes to accommodate various household needs. While the LIHTC-funded units represent a small percentage of the estimated housing stock, they contribute to addressing the affordable housing needs of the community. The area's growing population and increasing median income highlight the ongoing importance of maintaining and potentially expanding affordable housing options to ensure housing accessibility for all income levels in the community.