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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 78745 in Austin, Texas, contains a significant number of Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. The area encompasses 787 total units in LIHTC-funded projects, with 760 of these designated as low-income units. Based on the 2022 population of 58,186 and an estimated 22,293 housing units, the LIHTC-funded affordable housing comprises approximately 3.5% of the zip code's estimated housing inventory.
The zip code features six LIHTC-funded projects, with completion dates ranging from 2003 to 2018. Circle S Apts, completed in 2003, represents the earliest project, while West Gate Ridge, finished in 2018, is the most recent. This indicates a 15-year span of affordable housing development in the area. The 2010s witnessed the most substantial affordable housing development, with three projects completed during this decade: Sierra Vista (2011), Urban Oaks (2017), and West Gate Ridge (2018).
The inventory of LIHTC-funded units in zip code 78745 includes 252 one-bedroom units, 204 two-bedroom units, 10 three-bedroom units, and 3 four-bedroom units. This distribution indicates a focus on smaller household sizes, with the majority of units being one or two bedrooms.
Over the past decade, zip code 78745 has experienced population growth, increasing from 53,034 in 2010 to 58,186 in 2022. The median income has also risen significantly, from $57,723 in 2013 to $70,615 in 2022, representing a 22.3% increase. The racial distribution has remained relatively stable, with a slight increase in diversity. The White population has seen a small increase from 52% in 2013 to 53% in 2022, while the Hispanic population has decreased slightly from 40% to 38% during the same period. The Asian population has grown from 1% to 2%, and the Black population has remained steady at 4%.
The development of LIHTC projects in zip code 78745 aligns with the population growth and increasing median income, suggesting a continued need for affordable housing options despite rising incomes. The modest but significant LIHTC-funded affordable housing presence, with 787 total units across six projects, represents about 3.5% of the estimated housing inventory. The area has seen consistent development of affordable housing over a 15-year period, with the most active period being the 2010s. The housing stock is primarily composed of one and two-bedroom units, catering to smaller households. Despite rising median incomes and a relatively stable racial distribution, the continued development of LIHTC projects through 2018 indicates an ongoing need for affordable housing options in this growing and evolving zip code.