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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 64503 in St. Joseph, Missouri, demonstrates a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 143 total units in LIHTC-funded projects, all of which are designated as low-income units. Based on the 2022 population of 11,785 and an estimated 4,515 housing units, the LIHTC-funded affordable housing represents approximately 3.17% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 64503 have received $970,606 in project tax credits, averaging about $6,787 per unit. This funding represents 0.28% of Missouri's total LIHTC allocation, indicating a modest but significant investment in affordable housing for this area.
Affordable housing has been a long-standing feature of zip code 64503, with projects spanning nearly three decades. The first LIHTC project, Penn Street Apts, was completed in 1991, while the most recent, Saint Charles Place, was finished in 2020. The 2010s saw the most activity, with two projects completed during this decade: Pickett Place Apts in 2014 and Saint Charles Place in 2020.
The housing mix in these LIHTC projects is diverse, with 12 one-bedroom units, 127 two-bedroom units, and 4 three-bedroom units. This distribution suggests a focus on accommodating small families and individuals. One notable project, Saint Charles Place, completed in 2020, specifically targets individuals with disabilities. This specialized housing addresses the unique needs of a vulnerable population, potentially offering accessible design features and supportive services.
Over the past decade, the population of zip code 64503 has remained relatively stable, fluctuating between 11,700 and 12,500 residents. The median income has shown an overall upward trend, rising from $46,150 in 2013 to $52,090 in 2022, with some fluctuations in between. The racial composition of the area has remained predominantly white, with a slight decrease from 89% in 2013 to 85% in 2022. There has been a small increase in diversity, with slight growth in the Hispanic population (from 5% to 6%) and those identifying as two or more races (from 3% to 5%).
The completion of Pickett Place Apts in 2014 and Saint Charles Place in 2020 aligns with periods of relative population stability and increasing median income. This suggests that these projects may have been developed in response to ongoing affordable housing needs despite modest economic improvements in the area.
Zip code 64503 demonstrates a consistent commitment to affordable housing through LIHTC investments over the past three decades. While the LIHTC-funded units represent a small portion of the overall housing stock, they provide crucial affordable options for low-income residents. The area's demographic trends, including a stable population and gradually increasing median income, along with slight increases in diversity, may continue to influence the need for and development of affordable housing in this zip code.