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Affordable Housing in Zip Code 64085: Three Decades of LIHTC Projects in Richmond, 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 64085 in Richmond, Missouri, contains 180 total units in Low-Income Housing Tax Credit (LIHTC) funded affordable housing projects. Of these, 144 are designated as low-income units. Based on the 2022 population of 9,104 and an estimated 3,488 housing units, LIHTC-funded affordable housing comprises approximately 5.16% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 64085 have received $302,036 in project tax credits, averaging about $1,678 per unit in federal funding. This represents 0.09% of Missouri's total LIHTC funding. Affordable housing has been present in this zip code for nearly three decades, with the first LIHTC project, Richmond Estates, completed in 1990, and the most recent, Harvest Hills Vills, in 2017.
The 1990s saw the most activity in affordable housing development, with three projects completed during this decade: Richmond Estates, Richmond Manor Apts, and Richmond-Hardin Partnership. The LIHTC-funded housing in zip code 64085 primarily consists of one and two-bedroom units, with 52 one-bedroom and 128 two-bedroom units reported. This distribution suggests a focus on accommodating small families and individuals.
Notably, the Harvest Hills Vills project, completed in 2017, targets the handicapped population. This project likely incorporates specific design features and services to meet the needs of residents with disabilities, potentially including accessible layouts, support services, and specialized amenities.
Over the past decade, zip code 64085 has experienced slight fluctuations in population, with a general trend towards growth, increasing from 8,593 in 2015 to 9,104 in 2022. The median income has shown significant growth, rising from $47,330 in 2015 to $58,792 in 2022, indicating an overall improvement in economic conditions.
The racial composition of zip code 64085 has remained relatively stable, with a predominantly white population (92% in 2022). There has been a slight increase in diversity, with small growth in Hispanic (4% in 2022) and Black (2% in 2022) populations.
Despite the rising median income, the continued development of LIHTC projects, including the 2017 Harvest Hills Vills, suggests an ongoing need for affordable housing options, particularly for specialized populations like the handicapped.
The 64085 zip code area has maintained a consistent commitment to affordable housing through the LIHTC program over the past three decades. While the LIHTC-funded units represent a small portion of the overall housing stock, they provide crucial affordable options, particularly for small households and special needs populations. The area has seen modest population growth and significant income increases in recent years, yet the continued development of LIHTC projects indicates an ongoing demand for affordable housing options in this community.
