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Affordable Housing in Zip Code 72023: Three Decades of LIHTC Development in Cabot, Arkansas
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 72023, located in Cabot, Arkansas, contains a significant number of Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. The area has 406 total units in LIHTC funded projects, with 384 designated as low-income units. Based on the 2022 population of 36,376 and an estimated 13,937 housing units, LIHTC funded affordable housing comprises approximately 2.9% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 72023 have received $826,226 in project tax credits, averaging about $2,035 per unit in federal funding. This represents 0.52% of Arkansas's total LIHTC funding allocation, indicating a substantial investment in affordable housing for this area.
Affordable housing has been present in this zip code for over three decades. The first LIHTC project, Auburn Hills Apartments, was completed in 1990. The most recent addition, Orchards At Cabot, was constructed in 2011. The early 2000s saw the highest activity in affordable housing development, with four projects completed in 2001 and 2003, including Steeple Chase Apartments, Woodland Station Apartments, and Chapel Ridge Of Cabot.
The LIHTC funded housing in zip code 72023 offers a range of unit types. There are 3 efficiencies, 85 one-bedroom units, 199 two-bedroom units, and 32 three-bedroom units, accommodating various household sizes and needs.
Over the past decade, zip code 72023 has experienced moderate population growth, increasing from 33,480 in 2013 to 36,376 in 2022. The median income has also risen, from $63,049 in 2013 to $66,659 in 2022, suggesting an improvement in economic conditions.
The racial composition of the area has remained relatively stable. There has been a slight decrease in the white population from 91% in 2013 to 86% in 2022. A small increase in diversity has occurred, with slight growth in Asian, Black, and Hispanic populations.
No new LIHTC projects have been completed in zip code 72023 in the last decade. This may be due to the rising median income and relatively stable demographics, potentially indicating a reduced need for additional low-income housing during this period.
Zip code 72023 in Cabot, Arkansas, has an established foundation of LIHTC funded affordable housing, representing about 2.9% of the estimated housing inventory. The area has seen consistent investment in affordable housing over three decades, with the most active period being the early 2000s. While the population and median income have grown moderately over the past decade, there has been no new LIHTC development in recent years. This analysis provides insight into the affordable housing landscape of this zip code, reflecting its evolving demographics and housing needs.
