Affordable Housing in Zip Code 72745: LIHTC-Funded Units in Lowell, Arkansas
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
DATA SOURCE
Zip code 72745 in Lowell, Arkansas contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This zip code has 65 total units in LIHTC-funded projects, with 28 designated as low-income units. As of 2022, with a population of 16,547 and an estimated 6,340 housing units, LIHTC-funded units constitute approximately 1.03% of the total housing inventory in this zip code.
The LIHTC program has invested $265,803 in tax credits for affordable housing projects in zip code 72745. This equates to an average of $4,089 in federal funding per unit. Zip code 72745 accounts for 0.17% of the total LIHTC funding allocated to Arkansas.
Two LIHTC-funded projects were developed in this zip code, both completed in 2003: Lowell Senior Citizen Apartments and Robinson Apartments. This indicates that affordable housing has been present in the area for nearly two decades. The early 2000s marked a significant period for affordable housing development in zip code 72745.
The housing inventory in these projects consists primarily of one-bedroom units (49) and two-bedroom units (16). Lowell Senior Citizen Apartments focuses on providing housing for seniors, offering 25 one-bedroom units. Robinson Apartments offers a mix of 24 one-bedroom and 16 two-bedroom units, providing options for various household sizes.
Over the past decade, zip code 72745 has experienced notable demographic shifts. The population has grown from 13,265 in 2013 to 16,547 in 2022, a 24.7% increase. Median income has also risen significantly, from $63,100 in 2013 to $76,282 in 2022, representing a 20.9% increase.
Racial demographics have also evolved in zip code 72745. The white population decreased from 71% in 2013 to 52% in 2022, while the Hispanic population increased from 22% to 30%. There has also been a notable increase in residents identifying as two or more races, from 2% to 10%.
Despite these demographic changes and population growth, no new LIHTC projects have been developed in zip code 72745 in the last decade. This could be due to the rising median income, which may have reduced the perceived need for additional affordable housing units.
Zip code 72745 has a modest LIHTC-funded affordable housing inventory, with 65 total units developed in the early 2000s. While this represents a small percentage of the total housing stock, it provides important housing options, particularly for seniors and those needing one or two-bedroom units. The area has experienced significant population growth and income increases over the past decade, along with shifts in racial demographics. These changes may have influenced the lack of new LIHTC developments in recent years. The existing LIHTC projects continue to play a role in providing affordable housing options in this growing community.
