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Affordable Housing Landscape in Zip Code 63103: A Study of LIHTC Funded Projects
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 63103 in St. Louis, Missouri, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area contains 833 total units in LIHTC funded projects, including 696 low-income units. This represents approximately 22% of the estimated 3,780 housing units in the zip code, surpassing the target percentage for a well-balanced community.
The LIHTC projects in zip code 63103 have received $5,471,426 in tax credits, averaging about $6,569 in federal funding per unit. This zip code accounts for 1.56% of Missouri's total LIHTC funding, indicating a substantial concentration of affordable housing investment in this area.
Affordable housing has been present in this zip code for over two decades. The first LIHTC project, Artloft, was completed in 1996, while the most recent project with available data, 3010 Apartments, was finished in 2015. The 2000s saw the highest number of affordable housing project completions, including Majestic Stove Lofts (2007), 1818 Washington Apts (2009), and Railton Residence Rehabilitation (2009).
The LIHTC funded projects in zip code 63103 primarily consist of one-bedroom units (419) and two-bedroom units (92). This distribution suggests a focus on housing for smaller households or individuals. One project, 3010 Apartments, completed in 2015, specifically targets the handicapped population, indicating a recognition of the need for accessible housing options within the community.
Over the last decade, zip code 63103 has experienced significant population growth, increasing from 7,830 in 2013 to 9,867 in 2022. This growth of over 25% suggests an increasing demand for housing in the area. Median income has also risen, from $32,809 in 2013 to $42,940 in 2022, indicating improving economic conditions for residents.
The racial demographics in zip code 63103 have remained relatively stable from 2013 to 2022. There has been a slight decrease in the Black population (from 51% to 45%) and a small increase in the Asian population (from 5% to 7%). The White population has remained consistent at around 41-42%.
Zip code 63103 in St. Louis demonstrates a strong presence of LIHTC funded affordable housing, covering approximately 22% of the estimated housing inventory. The area has seen consistent investment in affordable housing over two decades, with a concentration of projects completed in the 2000s. The housing stock primarily consists of one and two-bedroom units, with one project specifically targeting the handicapped population. The zip code has experienced significant population growth and rising median incomes over the past decade, suggesting an evolving demand for housing in the area. While the LIHTC program has made a substantial contribution to affordable housing in this zip code, other programs may also be contributing to the overall affordable housing landscape.
