Loading Content...
Hopkinsville, Kentucky: LIHTC Affordable Housing Analysis
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Hopkinsville, Kentucky, a city with an estimated population of 40,686 as of 2022, has utilized the Low-Income Housing Tax Credit (LIHTC) program to provide affordable housing options. The city currently has 470 total units in LIHTC-funded projects, with 375 designated as low-income units. These units represent approximately 3% of the city's estimated housing inventory of 15,589 units.
Hopkinsville has received $7,919,963 in project tax credits through the LIHTC program, distributed across approximately 13 projects. This equates to an average federal funding of $609,228 per project and $16,851 per unit. The city's LIHTC funding accounts for 2.2% of Kentucky's total, indicating its significant contribution to affordable housing within the state.
The city's involvement in LIHTC-funded affordable housing began in 2001 with the Austin Acres project and continued through 2020 with the completion of New Horizon Scholar House. The 2010s saw the most activity in affordable housing development, with eight projects completed during this decade. Notable projects include Friendship House of Hopkinsville and Westwood Senior Homes, both completed in 2016.
Hopkinsville's LIHTC-funded housing stock offers a range of unit types, including 169 one-bedroom units, 115 two-bedroom units, 112 three-bedroom units, and 38 four-bedroom units. This distribution suggests an effort to accommodate various household sizes and needs within the affordable housing framework.
Over the past decade, Hopkinsville's population has fluctuated slightly, peaking at 42,141 in 2014 before settling at 40,686 in 2022. The median income has generally increased, rising from $41,669 in 2013 to $44,202 in 2022, with a peak of $47,204 in 2019. This overall increase in median income may indicate a growing need for affordable housing options to support lower-income residents.
The racial composition of Hopkinsville has remained relatively stable, with a slight increase in diversity. The white population has maintained a majority at around 64-66%, while the Black population has consistently represented about 25-27% of residents. There has been a small increase in the Asian population and those identifying as two or more races, indicating a gradually diversifying community.
Hopkinsville's LIHTC-funded affordable housing inventory represents a significant investment in addressing the housing needs of its low-income residents. The 470 total units, including 375 low-income units, across 13 projects demonstrate a consistent commitment to affordable housing development over the past two decades. The diverse range of unit types accommodates various household sizes and needs. While the LIHTC-funded units cover a small percentage of the city's estimated housing stock, they play a crucial role in providing affordable options. The city's demographic trends underscore the ongoing importance of maintaining and potentially expanding affordable housing options to ensure housing accessibility for all residents.
