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Affordable Housing in Zip Code 72703: A 15-Year Development Span in Fayetteville, 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 72703 in Fayetteville, Arkansas, contains 473 total units in Low-Income Housing Tax Credit (LIHTC) funded projects, with 455 designated as low-income units. The 2022 population of 31,459 and the national average household size suggest approximately 12,053 housing units in this zip code. LIHTC-funded affordable housing units represent about 3.9% of the estimated housing inventory in the zip code.
The LIHTC projects in this zip code have received $883,541 in tax credits, averaging about $1,868 per unit in federal funding. This zip code holds 0.55% of the total state LIHTC funding, indicating a modest allocation of resources for affordable housing in this area.
Affordable housing development in this zip code spans 15 years, from 1992 to 2007. The first LIHTC project, Valley Lake Apartments, was completed in 1992. The most recent project, Village At Scull Creek, was completed in 2007. The 1990s saw the most affordable housing activity, with six out of seven projects completed during this decade.
The LIHTC-funded housing inventory in this zip code consists of 7 efficiencies, 151 one-bedroom units, and 279 two-bedroom units. This distribution suggests a focus on smaller households and families.
The population in this zip code has grown steadily over the past decade, increasing from 27,433 in 2013 to 31,459 in 2022. The median income has fluctuated but generally increased, rising from $64,786 in 2013 to $68,805 in 2022. The racial distribution has remained relatively stable, with a slight decrease in the white population from 81% in 2013 to 78% in 2022, and small increases in Asian, Black, and multi-racial populations.
No new LIHTC projects have been completed in the last decade, despite population growth and income fluctuations. This could suggest that existing affordable housing stock was sufficient to meet needs, or that other affordable housing programs may have been utilized during this period.
Zip code 72703 in Fayetteville, Arkansas, has an established base of LIHTC-funded affordable housing, primarily developed in the 1990s. These units represent a small percentage of the estimated housing inventory but provide important affordable options for the community. The area has experienced population growth and income fluctuations over the past decade, but this has not corresponded with new LIHTC developments. The existing affordable housing stock, combined with potential other affordable housing initiatives, continues to play a role in meeting the community's housing needs.
