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Affordable Housing in Zip Code 80027: A Three-Decade Analysis of LIHTC Projects in Louisville, Colorado
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 80027 in Louisville, Colorado, a suburban area known for its high quality of life, contains 211 units in Low-Income Housing Tax Credit (LIHTC) funded affordable housing projects. Of these, 40 units are specifically designated as low-income. The estimated housing inventory of 13,151 units indicates that LIHTC funded affordable housing comprises approximately 1.6% of the zip code's housing stock.
The LIHTC projects in zip code 80027 have received $2,280,862 in tax credits, averaging $10,810 in federal funding per unit. This zip code accounts for 0.52% of Colorado's total LIHTC funding. Affordable housing has been present in this area for nearly three decades, with the first LIHTC project, Meadow Ridge Apartments, completed in 1990, and the most recent, Kestrel Apartments, finished in 2017. The 1990s saw the highest affordable housing development activity, with two projects completed during that decade.
The LIHTC funded housing stock in zip code 80027 consists of 118 one-bedroom units, 80 two-bedroom units, and 13 three-bedroom units. This distribution suggests a focus on accommodating diverse household sizes within the affordable housing inventory.
Over the past decade, zip code 80027 has experienced steady population growth, increasing from 31,358 in 2013 to 34,325 in 2022. Median income has also risen significantly, from $108,105 in 2013 to $124,970 in 2022, indicating a trend towards higher-income households in the area.
The racial composition of zip code 80027 has remained relatively stable, with a slight decrease in the white population from 83% in 2013 to 76% in 2022. There has been a small increase in diversity, with the Asian population growing from 7% to 8%, and the Hispanic population increasing from 6% to 10% during the same period.
The completion of the Kestrel Apartments in 2017 aligns with the continued population growth and increasing median income in the area, suggesting a response to the ongoing need for affordable housing options in an increasingly affluent community.
The LIHTC program has contributed to the affordable housing stock in zip code 80027 over the past three decades, providing 211 units of housing with a focus on one and two-bedroom apartments. While this represents a small portion of the overall housing inventory, it provides affordable options in an area that has seen significant increases in population and median income. The demographic trends suggest a growing and increasingly diverse community, which may indicate an ongoing need for affordable housing options to maintain a balanced and inclusive neighborhood.
