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Henderson, Kentucky: LIHTC Program's Impact on Affordable Housing
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Henderson, Kentucky has a notable affordable housing inventory supported by the Low-Income Housing Tax Credit (LIHTC) program. As of 2022, the city's LIHTC-funded housing stock comprises 496 total units, with 338 designated as low-income units. This inventory represents approximately 4.1% of Henderson's estimated 12,219 housing units, based on the city's 2022 population of 31,892.
The city has received $10,149,131 in LIHTC funding for affordable housing projects. With approximately 13 projects, this equates to an average of $780,702 per project. The average federal funding per unit is $20,462. Henderson's share of 2.82% of Kentucky's total LIHTC funding is significant for a city of its size.
Henderson's involvement in LIHTC projects spans over two decades, from 1995 to 2016. The late 1990s saw the most affordable housing activity, with six projects completed between 1995 and 2000. The LIHTC-funded housing in Henderson offers a range of unit sizes, including 90 one-bedroom, 248 two-bedroom, 116 three-bedroom, and 42 four-bedroom units.
Henderson's population has remained relatively stable over the past decade, with a slight decline from 32,863 in 2018 to 31,892 in 2022. The median income has increased from $44,537 in 2018 to $47,846 in 2022. This rise in median income may partially explain the lack of new LIHTC projects since 2016.
The racial composition of Henderson has remained largely consistent, with a slight decrease in the white population from 83% in 2018 to 81% in 2022, and small increases in Hispanic and multiracial populations. This demographic stability suggests that the existing affordable housing stock may be meeting community needs.
Henderson, Kentucky has made significant progress in providing affordable housing through the LIHTC program. The city has secured a notable portion of the state's LIHTC funding and has maintained a consistent commitment to affordable housing for more than two decades. While LIHTC-funded units represent a small percentage of the overall housing stock, they provide a crucial resource for low-income residents. The diverse range of unit sizes and the long-term nature of the city's affordable housing efforts demonstrate a thoughtful approach to meeting community needs. As Henderson's demographics and economic conditions evolve, ongoing assessment of affordable housing needs will be essential to ensure the city maintains an adequate supply for its residents.
