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Affordable Housing in Zip Code 68164: A Study of LIHTC Funded Units in Omaha, Nebraska
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 68164, located in Omaha, Nebraska, contains 276 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units, all designated as low-income, represent approximately 2.51% of the total housing stock, based on an estimated housing inventory of 10,994 units for the zip code's 2022 population.
The LIHTC program has invested $579,931 in project tax credits in this zip code, averaging about $2,101 per affordable housing unit. This investment accounts for 0.49% of Nebraska's total LIHTC funding allocation. The affordable housing in this area is represented by a single project, Timber Ridge Apartments, completed in 1997. This development consists of 276 units, including 6 one-bedroom and 18 two-bedroom apartments, serving diverse household sizes within the low-income community.
From 2013 to 2022, zip code 68164 experienced moderate population growth, increasing from 26,385 to 28,694 residents. During this period, the median income rose from $79,467 to $82,776, indicating a slight improvement in overall economic conditions. The racial composition of the area has become more diverse, with the white population decreasing from 84% to 74%, while other racial groups have increased. Notable changes include growth in the Asian population (from 1% to 4%), Black population (from 7% to 10%), and Hispanic population (from 4% to 7%).
Despite demographic shifts and economic growth in the area, no new LIHTC projects have been developed in the last decade. This lack of new development could be attributed to various factors, including land availability, local zoning policies, or the perception that the existing affordable housing stock is sufficient to meet current needs.
Zip code 68164 in Omaha, Nebraska, has a single LIHTC-funded affordable housing project, Timber Ridge Apartments, which has been serving the community since 1997. This project provides 276 low-income units, representing 2.51% of the estimated total housing inventory in the area. The zip code has experienced moderate population growth and increased diversity over the past decade, along with a slight rise in median income. However, the absence of new LIHTC projects in recent years suggests that other factors may be influencing affordable housing development in this area.
