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Affordable Housing Progress in London, Kentucky: Two Decades of LIHTC Implementation
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
London, Kentucky, a small urban center with a population of 27,491 as of 2022, has a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city has 338 LIHTC units, of which 302 are designated as low-income. Based on an estimated housing inventory of 10,533 units, LIHTC-funded affordable housing comprises approximately 3.2% of the city's housing stock.
London has received $2,835,564 in project tax credits for affordable housing through the LIHTC program. With approximately 10 projects, this translates to an average of $283,556 in federal funding per project, or about $8,389 in federal funding per unit. The city holds 0.79% of the total state LIHTC funding, indicating a significant allocation for a city of its size.
The city's affordable housing development spans two decades, with the first LIHTC project, Cedar Lane II, completed in 1993, and the most recent, Noah Apartments, finished in 2013. The 2000s saw the most affordable housing activity, with seven projects completed during this decade. Notable projects from this period include County Farm Apartments (2002), Emma Estates and Arlington Greene (both in 2004), and London Village (2005).
The LIHTC-funded housing in London offers a diverse range of unit types. Out of the 338 total units, there are 54 one-bedroom, 190 two-bedroom, 35 three-bedroom, and 5 four-bedroom units. This distribution suggests a focus on accommodating various family sizes, with a predominance of two-bedroom units.
Over the past decade, London's population has remained relatively stable, fluctuating between 27,000 and 28,500 residents. The median income has shown a general upward trend, increasing from $37,604 in 2013 to $49,758 in 2022, representing a 32% growth over this period. The racial composition of London has remained predominantly white, consistently above 94% throughout the decade. There has been a slight increase in diversity, with the Hispanic population growing from 1% to 2%, and the proportion of residents identifying as two or more races increasing from 1% to 2% between 2013 and 2022.
Despite the absence of new LIHTC projects since 2013, the steady population and increasing median income suggest that the existing affordable housing stock may be meeting the current needs of the community. However, the rising median income could potentially impact future affordable housing requirements.
London, Kentucky, has utilized the LIHTC program to develop a modest affordable housing inventory, covering about 3.2% of its estimated housing stock. The city has seen consistent investment in affordable housing over two decades, with a concentration of development in the 2000s. The diverse unit types cater to various household sizes, with a focus on two-bedroom apartments. While no new LIHTC projects have been completed in recent years, the city's stable population and rising median income suggest a potentially evolving landscape for affordable housing needs in the future.
