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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Gardenside-Colony neighborhood in Lexington-Fayette, Kentucky, exhibits a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 270 units in LIHTC-funded projects, with 234 designated as low-income units. This represents approximately 8.5% of the estimated 3,174 housing units in the neighborhood, indicating a substantial commitment to affordable housing provision.
The LIHTC program has allocated $1,861,564 in tax credits for affordable housing projects in Gardenside-Colony. This equates to an average federal funding of $6,894 per unit. The affordable housing development in this neighborhood spans nearly three decades, commencing with the Virginia Place project in 1994 and extending to the most recent Parkside III project completed in 2018.
The 2000s marked the most active period for affordable housing development in the area. Multiple projects, including Hillrise Place, Hope Center for Women, and Serenity Place, were completed in 2001. The Parkside series of developments (Parkside, Parkside II, and Parkside III) were completed in 2012, 2015, and 2018 respectively, demonstrating ongoing investment in affordable housing in recent years.
The LIHTC-funded housing in Gardenside-Colony offers a diverse range of unit types. The inventory includes 33 one-bedroom units, 129 two-bedroom units, 35 three-bedroom units, and 73 four-bedroom units. This variety accommodates different household sizes and needs within the low-income population.
Over the past decade, the neighborhood's population has fluctuated, reaching a peak of 9,107 in 2018 before decreasing to 8,283 in 2022. Median income has shown volatility, declining from $80,097 in 2013 to $59,557 in 2018, then increasing to $87,123 in 2022. These income fluctuations may indicate changing economic conditions that influence affordable housing demand.
Racial demographics in Gardenside-Colony have remained relatively stable, with the white population consistently representing the majority (71-78% over the past decade). However, there was a notable increase in the Black population from 3-4% in the early 2010s to 14-15% in recent years. This shift in racial composition could potentially influence future affordable housing needs and demographics.
The Gardenside-Colony neighborhood has maintained a consistent presence of LIHTC-funded affordable housing over nearly three decades. The 234 low-income units out of 270 total LIHTC-funded units contribute significantly to the neighborhood's affordable housing stock. The variety of unit types suggests an effort to accommodate diverse household needs. While the LIHTC-funded units represent about 8.5% of the estimated housing inventory, this analysis does not account for other affordable housing programs that may be present in the area. The neighborhood's changing demographics and income levels over the past decade highlight the ongoing importance of affordable housing initiatives in meeting community needs.