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Affordable Housing Inventory in Louisville Zip Code 40205: A Three-Decade Analysis
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 40205 in Louisville, Kentucky, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area encompasses 303 total units in LIHTC-funded projects, with 302 designated as low-income units. The zip code covers approximately 6.86 square miles and has an estimated population of 25,660 as of 2022.
Based on the national average household size of 2.61, the estimated housing inventory for this zip code is approximately 9,831 units. The 302 low-income units funded by LIHTC represent about 3.07% of the estimated housing stock in the area. This indicates that LIHTC-funded affordable housing contributes to addressing affordable housing needs in the zip code, although it may not fully meet the demand for affordable housing in the area.
The LIHTC projects in this zip code have received $1,120,336 in project tax credits. This equates to an average federal funding of approximately $3,697 per unit. Notably, this zip code accounts for 0.31% of the total LIHTC funding allocated to the state of Kentucky.
Affordable housing has been present in this zip code for over three decades. The first LIHTC project, Highland Courts I, was completed in 1991, while the most recent project, Woodbourne House Apartments, was finished in 2013. The 2000s experienced the most activity in affordable housing development, with three projects completed during this decade: Shalom Towers and Highlands Court Apartments in 2007, and Woodbourne House Apartments in 2013.
The LIHTC-funded housing in this zip code primarily consists of one-bedroom units, with 262 such units available. There are also 7 two-bedroom units and 1 three-bedroom unit. This distribution suggests a focus on housing for smaller households or individuals.
Over the past decade, the zip code has experienced moderate population growth, increasing from 24,310 in 2013 to 25,660 in 2022. The median income has also risen, from $76,352 in 2013 to $86,188 in 2022, indicating a generally affluent area.
The racial composition of the zip code has remained relatively stable, with the white population consistently comprising around 92-93% of residents. There has been a slight increase in diversity, with small increases in the Hispanic and multi-racial populations.
Despite the rising median income, the presence of LIHTC projects suggests that there is still a need for affordable housing in this area, possibly to maintain economic diversity or to serve specific populations within the community.
Zip code 40205 in Louisville, Kentucky, has a notable LIHTC-funded affordable housing presence, with 302 low-income units representing about 3.07% of the estimated housing stock. The area has seen consistent investment in affordable housing over three decades, with a focus on one-bedroom units. While the zip code is predominantly affluent and white, the continued presence of LIHTC projects indicates an ongoing commitment to providing affordable housing options in the area. The data suggests that while LIHTC plays a role in addressing affordable housing needs, there may be additional demand for affordable housing that is not met solely by this program.
