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Affordable Housing in Zip Code 72073: Unique LIHTC Inventory in Humphrey, 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 72073, located in Humphrey, Arkansas, contains a unique Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area comprises 16 low-income units, all of which are part of LIHTC funded projects. Based on the 2022 population estimate, there are approximately 159 housing units in the zip code, with LIHTC funded affordable housing accounting for 10.06% of the zip code's housing inventory.
The LIHTC program has invested $20,894 in tax credits for affordable housing projects in this zip code. This amount equates to an average federal funding of $1,306 per unit. Zip code 72073 represents 0.01% of the total state LIHTC funding.
Cypress Point Apartments - Humphrey, completed in 1995, is the only LIHTC project in the area. This development has provided affordable housing in the zip code for nearly three decades. All 16 units in this project are one-bedroom apartments, designed to accommodate smaller households or individuals.
Zip code 72073 has experienced demographic changes over the past decade. The population decreased from 470 in 2015 to 415 in 2022, a decline of 11.7%. Despite this population decrease, the median income increased significantly from $42,114 in 2015 to $61,862 in 2022, a rise of approximately 46.9%.
The racial composition of the area has remained relatively stable, with a slight increase in diversity. The white population decreased from 84% in 2015 to 82% in 2022, while the Hispanic population grew from no recorded data in 2015 to 7% in 2022. The Black population decreased slightly from 15% to 10% during this period.
These demographic changes, particularly the rising median income and slight increase in diversity, may influence the ongoing need for affordable housing in the area. However, the continued presence of the LIHTC project suggests a persistent demand for affordable units, even as the overall population has decreased.
Zip code 72073 contains a single LIHTC funded project, Cypress Point Apartments - Humphrey, which has provided affordable housing since 1995. This project accounts for approximately 10% of the estimated housing inventory in the area. Despite population decline, rising median incomes, and minor changes in racial composition over the past decade, the presence of this LIHTC project indicates an ongoing need for affordable housing options in the community.
