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Affordable Housing Trends in Zip Code 66062: A Two-Decade Overview of LIHTC Projects in Olathe, Kansas
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 66062 in Olathe, Kansas, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 972 total units in LIHTC-funded projects, with 713 designated as low-income units. Based on the 2022 population of 77,697 and an estimated 29,769 housing units, LIHTC-funded affordable housing represents approximately 3.27% of the estimated housing inventory in this zip code.
The LIHTC projects in zip code 66062 have received $3,056,221 in tax credits, averaging about $3,145 per unit in federal funding. This zip code holds 2.14% of Kansas's total LIHTC funding, indicating a notable concentration of affordable housing investment in this area.
Affordable housing has been present in zip code 66062 for over three decades. The first LIHTC project, Jefferson Place Apartments, was completed in 1987, while the most recent, Gardens At Creekside, was finished in 2008. The 1990s saw the most affordable housing development, with six projects completed during that decade, including Blackbob Court Townhomes I, II, and III.
The LIHTC-funded housing in zip code 66062 offers a variety of unit types, with a predominance of two-bedroom units (494), followed by three-bedroom units (106), and one-bedroom units (61). This distribution suggests a focus on accommodating small to medium-sized families.
Over the past decade, zip code 66062 has experienced steady population growth, increasing from 73,207 in 2013 to 77,697 in 2022. Median income has also risen significantly, from $90,973 in 2013 to $105,544 in 2022. Despite this economic growth, the area has maintained its affordable housing stock, suggesting a commitment to housing diversity.
The racial composition of zip code 66062 has remained relatively stable, with a slight decrease in the white population (from 79% in 2013 to 77% in 2022) and small increases in Asian, Black, and Hispanic populations. This gradual diversification aligns with the continued presence of affordable housing options.
Zip code 66062 in Olathe, Kansas, demonstrates a consistent commitment to affordable housing through its LIHTC-funded projects. While the affordable housing stock represents a small percentage of the estimated total housing units, it provides essential low-income options in an area experiencing population growth and rising median incomes. The diverse unit types cater to various household sizes, contributing to the area's housing mix. The long-term presence of LIHTC projects, spanning from 1987 to 2008, reflects an ongoing effort to maintain affordable housing options in this evolving community.
