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Erlanger, Kentucky: LIHTC Program's Impact on Affordable Housing Inventory
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Erlanger, Kentucky, a city with a population of 21,441 in 2022, has 216 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units, all designated as low-income, constitute approximately 2.63% of the city's estimated 8,215 housing units. The LIHTC program has provided $556,797 in project tax credits to Erlanger, averaging $139,199 per project and $2,578 per unit in federal funding.
Erlanger's share of Kentucky's total LIHTC funding is 0.15%, representing a small but notable portion of the state's affordable housing investment. The city's affordable housing development spans nearly three decades, with the first LIHTC project, Eagle Ridge Townhomes, completed in 1993 and the most recent, Transitions Recovery Kentucky, finished in 2009. The 1990s marked the peak of affordable housing development in Erlanger, with two projects completed during this period.
The LIHTC-funded housing in Erlanger offers a diverse range of unit sizes, including 60 one-bedroom, 32 two-bedroom, 68 three-bedroom, and 38 four-bedroom units. This variety caters to different household compositions within the low-income population. The city's population has remained relatively stable over the past decade, increasing slightly from 20,700 in 2010 to 21,441 in 2022.
During the same period, Erlanger experienced significant growth in median income, rising from $64,248 in 2013 to $80,908 in 2022. This increase in median income may partially explain the absence of new LIHTC projects since 2009, as the overall economic situation of the city's residents appears to have improved.
Erlanger's racial composition has remained relatively consistent over the past decade, with a predominantly white population (88% in 2022). There has been a slight increase in diversity, as the percentage of residents identifying as two or more races grew from 2% in 2013 to 5% in 2022.
In summary, Erlanger's LIHTC-funded affordable housing inventory, while modest in size, provides 216 low-income units to the community. The city saw steady investment in affordable housing from 1993 to 2009, with no new LIHTC projects in the last decade. This trend may be attributed to the rising median income and relatively stable population. The existing affordable housing stock offers a range of unit sizes to accommodate different household needs. Although LIHTC projects cover only a small percentage of the city's estimated housing inventory, they play a significant role in providing affordable options for low-income residents in Erlanger.
