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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 64086 in Lee's Summit, Missouri, has a population of 24,562 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded 90 affordable housing units in this area, with 89 of these designated as low-income units. Based on the estimated housing inventory of 9,411 units, the LIHTC-funded affordable housing covers approximately 0.96% of the zip code's housing stock.
The LIHTC program has invested $1,423,000 in tax credits for affordable housing projects in this zip code. This translates to an average federal funding of $15,811 per unit. Zip code 64086 represents 0.41% of the total LIHTC funding allocated to Missouri.
The affordable housing landscape in this zip code spans from 2011 to 2020, indicating a decade-long presence of LIHTC-funded projects. The first project, Summit Grove Senior Apartments, was completed in 2011, while the most recent addition, Red Maple Villas, was finished in 2020. The 2010s saw the most activity in affordable housing development in this area.
The inventory consists of 26 one-bedroom units and 32 two-bedroom units, catering to various household sizes. Red Maple Villas, completed in 2020, specifically targets individuals with disabilities, addressing the unique housing needs of this population.
Over the past decade, zip code 64086 has experienced steady population growth, increasing from 21,908 in 2010 to 24,562 in 2022. Median income has also risen, from $86,034 in 2013 to $98,895 in 2022, indicating overall economic improvement in the area.
Racial demographics have remained relatively stable, with a slight decrease in the white population from 86% in 2013 to 81% in 2022. There has been a modest increase in diversity, with the Hispanic population growing from 3% to 7% during this period.
The completion of Red Maple Villas in 2020 coincides with a period of continued population growth and rising median income, suggesting a response to the evolving housing needs of the community, particularly for individuals with disabilities.
The LIHTC program has made a modest contribution to the affordable housing stock in zip code 64086, with projects spanning a decade and addressing diverse housing needs, including senior housing and accommodations for individuals with disabilities. While the percentage of LIHTC-funded housing is relatively small compared to the overall housing inventory, it represents a consistent effort to provide affordable options in an area experiencing population growth and increasing median income. The targeted nature of recent projects, such as Red Maple Villas, demonstrates an attempt to address specific community needs within the broader context of affordable housing provision.