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Affordable Housing Analysis in Charlotte, Michigan: Zip Code 48813's LIHTC Program Implementation
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 48813 in Charlotte, Michigan, demonstrates a specific implementation of affordable housing initiatives. The Low-Income Housing Tax Credit (LIHTC) program has funded 88 affordable housing units in this area, with 51 units designated as low-income. Based on the estimated housing inventory of 8,251 units for the zip code's 2022 population, LIHTC-funded affordable housing comprises approximately 1.07% of the total housing stock.
The LIHTC projects in zip code 48813 have received $688,586 in tax credits, averaging about $7,825 per unit when divided by the total number of LIHTC-funded units. This zip code accounts for 0.23% of Michigan's total LIHTC funding, indicating a small but notable presence in the state's affordable housing efforts.
The earliest LIHTC project in this zip code, Sugar Mill Senior Citizen Apartments, was completed in 2004, while the most recent, The Edmond Senior Apartments, was finished in 2019. This 15-year span demonstrates a sustained effort to provide affordable housing in the area. The 2010s saw the most recent affordable housing development activity in this zip code.
The LIHTC projects in zip code 48813 offer a total of 56 one-bedroom units and 32 two-bedroom units. This distribution suggests a focus on accommodating smaller households and possibly senior citizens.
Over the past decade, the zip code's population has remained relatively stable, with a slight decrease from 22,052 in 2014 to 21,534 in 2022. During this period, the median income has shown an overall upward trend, rising from $57,263 in 2014 to $67,571 in 2022. This increase in median income might partially explain the limited number of new LIHTC projects in recent years.
The racial composition of zip code 48813 has remained predominantly white, though there has been a slight decrease from 93% in 2014 to 88% in 2022. There has been a small increase in Hispanic population from 3% to 6% during this period. These demographic shifts, while modest, could influence future affordable housing needs and planning.
The LIHTC program has contributed to the affordable housing inventory in zip code 48813, providing 88 units over a 15-year period. While this represents a small percentage of the estimated total housing stock, it demonstrates ongoing efforts to address affordable housing needs. The focus on one and two-bedroom units suggests attention to smaller households and possibly senior housing. As the area's demographics continue to evolve, particularly with rising median incomes and slight shifts in racial composition, future affordable housing initiatives may need to adapt to these changing dynamics.
