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Affordable Housing Analysis in Clayton, North Carolina Zip Code 27520: LIHTC Program Contribution
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 27520 in Clayton, North Carolina, contains 201 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units constitute 1.21% of the estimated 16,569 total housing units in the zip code. The LIHTC projects in this area have received $1,079,258 in tax credits, averaging $5,369 per unit. This allocation represents 0.25% of the total LIHTC credits distributed to North Carolina.
Affordable housing development in zip code 27520 spans over two decades. The initial LIHTC project, Clayton Manor Apartments, was completed in 1994. The most recent project, Lions Spring, was finished in 2009. The 2000s marked the most active period for affordable housing development, with three projects completed: Cobblers Station Apartments (2001), Cleveland School Apartments (2005), and Lions Spring (2009).
The LIHTC-funded housing in this zip code offers a variety of unit types: 59 one-bedroom, 82 two-bedroom, and 24 three-bedroom units. This range of unit sizes accommodates diverse household compositions within the low-income population.
Zip code 27520 experienced significant population growth from 38,420 in 2015 to 43,246 in 2022, a 12.5% increase. This growth suggests an increasing demand for housing, including affordable options. The median income in the area fluctuated, rising from $69,264 in 2015 to $71,644 in 2022. This modest income growth indicates a continued need for affordable housing options for lower-income residents.
Racial demographics in zip code 27520 shifted between 2015 and 2022. The white population decreased from 69% to 60%, while the Black population increased from 19% to 22%, and the Hispanic population grew from 8% to 15%. This increasing diversity may reflect changing housing needs and a potentially greater demand for affordable options.
The LIHTC program has made a significant contribution to the affordable housing inventory in zip code 27520, providing 201 low-income units across four projects over a 15-year period. These units, while representing a small percentage of the total housing stock, play a crucial role in addressing affordable housing needs. The area's population growth and changing demographics suggest an ongoing demand for affordable housing options. Additional investment in affordable housing may be necessary to keep pace with the area's development and ensure a diverse and inclusive community.
