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Low-Income Housing Tax Credit Program Impacts Affordable Housing in Zip Code 41006, Butler, Kentucky
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 41006 in Butler, Kentucky, demonstrates a distinct affordable housing scenario influenced by the Low-Income Housing Tax Credit (LIHTC) program. This area contains 29 LIHTC-funded affordable housing units, all categorized as low-income units. Based on the 2022 population, the estimated housing inventory is approximately 1,523 units, with LIHTC-funded affordable housing comprising about 1.9% of the zip code's housing stock.
The LIHTC program has allocated $266,800 in tax credits for affordable housing projects in this zip code. This equates to an average federal funding of approximately $9,200 per unit. This investment represents 0.07% of Kentucky's total LIHTC funding, indicating a small but notable contribution to the state's affordable housing initiatives.
The Williams Place Apartments, completed in 2007, is the primary LIHTC-funded project in the area. This development has been offering affordable housing options for over 15 years, demonstrating a sustained commitment to addressing housing needs in the community.
The Williams Place Apartments project consists of 29 units, including 2 one-bedroom and 27 two-bedroom apartments. This unit distribution suggests a focus on accommodating small families or individuals in the area.
Over the past decade, zip code 41006 has experienced demographic changes that may impact affordable housing needs. The population has decreased slightly, from 4,373 in 2015 to 3,975 in 2022. Despite this population decline, median income has increased significantly, from $64,220 in 2015 to $74,108 in 2022, potentially indicating improved economic conditions for some residents.
The racial composition of the area has remained relatively constant, with the white population consistently representing approximately 94-95% of residents. There has been a minor increase in diversity, with small but growing percentages of Asian, Black, Hispanic, and multiracial residents.
Zip code 41006 in Butler, Kentucky, presents a distinct case of LIHTC-funded affordable housing. While the 29 low-income units represent a small portion of the estimated housing stock, they serve an important role in providing affordable options in the community. The area has experienced notable demographic shifts, including a slight population decrease coupled with rising median incomes. These trends, along with the continual presence of the Williams Place Apartments since 2007, indicate a consistent, albeit limited, contribution of LIHTC-funded housing to the area's affordable housing landscape.
