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Affordable Housing Landscape in Valley Station: LIHTC Impact and Demographic Shifts
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CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Valley Station, a neighborhood in Louisville, Kentucky, has a population of 38,226 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded 120 affordable housing units in this area, with 93 of these specifically designated as low-income units. Based on the estimated housing inventory of 14,646 units, LIHTC-funded affordable housing represents approximately 0.82% of the neighborhood's housing stock.
The LIHTC program has invested $1,558,434 in tax credits for affordable housing projects in Valley Station. This translates to an average federal funding of $12,987 per unit. The neighborhood has seen LIHTC-funded affordable housing presence for over a decade, with the first project, Glen Hill Manor, completed in 2004, and the most recent, Country Place Apartments, finished in 2008.
The 2000s were the most active decade for LIHTC-funded affordable housing in Valley Station. Glen Hill Manor, the larger of the two projects, provides 108 units, including 54 two-bedroom and 54 three-bedroom apartments. Country Place Apartments contributes an additional 12 two-bedroom units to the affordable housing inventory.
Over the past decade, Valley Station's population has remained relatively stable, fluctuating between 37,578 and 39,348 residents. The median income has shown a gradual increase, rising from $58,553 in 2013 to $62,544 in 2022. This upward trend in income might partially explain the lack of new LIHTC projects in recent years.
The racial composition of Valley Station has become slightly more diverse over the last decade. The white population decreased from 89% in 2013 to 80% in 2022, while the Black population increased from 6% to 10%. The Hispanic population also grew from 2% to 5% during this period. This demographic shift could potentially influence future affordable housing needs in the neighborhood.
Valley Station's LIHTC-funded affordable housing inventory, while present, represents a small portion of the neighborhood's estimated housing stock. The two existing projects, completed in the 2000s, provide a mix of two- and three-bedroom units. Despite the lack of recent LIHTC developments, the neighborhood has experienced moderate income growth and increased racial diversity over the past decade. These demographic changes may influence future affordable housing needs and policies in Valley Station.
