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Affordable Housing in Zip Code 85034: LIHTC Program Supports Diverse Housing Landscape
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 85034 in Phoenix, Arizona, demonstrates a substantial presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area contains 344 total units in LIHTC funded projects, with 305 of these designated as low-income units. Based on the 2022 population of 7,177 and an estimated 2,750 housing units, the LIHTC funded affordable housing comprises approximately 12.5% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 85034 have received $4,300,897 in project tax credits, averaging about $12,503 in federal funding per unit. This represents 2.1% of Arizona's total LIHTC funding, a significant portion for a single zip code. Affordable housing has been present in this area for nearly two decades. The first LIHTC project, Casa Nueva Apts, was completed in 2002, while the most recent, Monroe Gardens, was finished in 2020. The 2010s saw the most activity, with three projects completed during this decade: Mccarty On Monroe (2009), Washington Pointe Apts (2013), and The Lofts @ 10 (2013).
The LIHTC funded housing in zip code 85034 offers a diverse range of unit types. Of the 344 total units, 168 are one-bedroom, 103 are two-bedroom, 34 are three-bedroom, and 12 are four-bedroom units. This variety caters to different household sizes and needs within the community.
Over the past decade, zip code 85034 has experienced fluctuations in population, with a general upward trend from 5,817 in 2013 to 7,177 in 2022. The median income has also increased significantly, rising from $21,991 in 2013 to $43,409 in 2022, potentially indicating an improving economic situation for residents.
Racial demographics have remained relatively stable, with the Hispanic population consistently representing the majority (around 51-58%). The white population has slightly increased from 25% in 2013 to 31% in 2022, while the Black population has decreased from 13% to 10% during the same period. The Asian population has shown a small increase from 1% to 5%. The completion of Monroe Gardens in 2020 aligns with the period of population growth and rising median incomes, suggesting a continued need for affordable housing despite improving economic indicators.
Zip code 85034 in Phoenix has a substantial LIHTC funded affordable housing presence, covering about 12.5% of the estimated housing inventory. The area has seen consistent development of affordable housing projects over nearly two decades, with the most recent project completed in 2020. The diverse unit types cater to various household sizes, and the significant portion of state LIHTC funding allocated to this zip code underscores its importance in addressing affordable housing needs. Despite rising median incomes and population growth, the continued development of LIHTC projects suggests an ongoing demand for affordable housing in this area.
