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Elizabethtown's LIHTC Program: A Quarter-Century of Affordable Housing Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Elizabethtown, Kentucky, a city with an estimated population of 46,442 as of 2022, has utilized the Low-Income Housing Tax Credit (LIHTC) program to provide affordable housing. The program has resulted in 578 units in LIHTC-funded projects, with 506 designated as low-income units. This represents approximately 3.2% of the city's estimated housing inventory of 17,794 units.
Elizabethtown has received $5,107,173 in project tax credits through the LIHTC program. With approximately 20 projects, this equates to an average of $255,359 in federal funding per project. The average federal funding per unit is $8,837, based on the total of 578 units in LIHTC-funded projects.
The city holds 1.42% of Kentucky's total LIHTC funding, indicating a moderate share of the state's affordable housing resources. Affordable housing has been present in Elizabethtown for nearly three decades, with the first LIHTC project, Tyler Park Apartments - N. Miles St, completed in 1993. The most recent project, University Apartments, was completed in 2018.
The 1990s experienced the highest affordable housing development activity, with multiple projects completed during this period. Notable projects from this era include Green Hills Apartments and Vaughn Village I and II Apartments.
The LIHTC-funded projects in Elizabethtown offer a range of unit types. Of the 578 total units, there are 137 one-bedroom, 238 two-bedroom, 148 three-bedroom, and 7 four-bedroom units. This distribution suggests an emphasis on accommodating families of various sizes.
Elizabethtown has experienced steady population growth over the past decade, increasing from 43,681 in 2013 to 46,442 in 2022, a 6.3% growth. This may have contributed to the need for additional affordable housing units. The median income has risen from $54,837 in 2013 to $63,661 in 2022, representing a 16.1% increase. Despite this growth, the continued development of LIHTC projects indicates an ongoing need for affordable housing options.
Racial demographics have remained relatively stable, with a slight decrease in the white population from 82% in 2013 to 80% in 2022, and small increases in Black and multiracial populations. This gradual diversification may influence future affordable housing needs and development patterns.
Elizabethtown's LIHTC-funded affordable housing inventory represents a small but significant portion of the city's housing stock. The program has provided consistent support for affordable housing development over nearly three decades, with a mix of unit types to accommodate diverse household sizes. As the city continues to grow and diversify, ongoing monitoring of demographic trends and housing needs will be crucial to ensure an adequate supply of affordable housing for Elizabethtown's residents.
