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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 27263 in North Carolina covers an area of 40.53 square miles and had a population of 21,717 in 2022. This area features Low-Income Housing Tax Credit (LIHTC) funded affordable housing, with 120 affordable units, all designated as low-income. Based on an estimated housing inventory of 8,321 units, LIHTC-funded affordable housing represents approximately 1.44% of the zip code's housing stock.
The LIHTC program has invested $639,986 in tax credits for affordable housing projects in zip code 27263. This equates to an average federal funding of $5,333 per unit. Zip code 27263 accounts for 0.15% of the total LIHTC funding allocated to North Carolina.
LIHTC-funded affordable housing has been present in this zip code since at least 1999, with the completion of the Creekside At Bellemeade project. The most recent project, Spring Brook Meadows, was completed in 2003, indicating a span of at least four years of affordable housing development in the area. The early 2000s saw the most affordable housing activity in this zip code.
The affordable housing inventory in zip code 27263 consists of a mix of unit types. There are 3 one-bedroom units, 42 two-bedroom units, 4 three-bedroom units, and 8 four-bedroom units. This distribution suggests a focus on accommodating families of various sizes, with a particular emphasis on two-bedroom units.
Over the past decade, the population in zip code 27263 has shown a slight increase, growing from 21,574 in 2013 to 21,717 in 2022. The median income has also risen, from $43,849 in 2013 to $52,692 in 2022, indicating a general improvement in economic conditions.
Racial demographics have shifted somewhat during this period. The white population has decreased from 74% in 2013 to 64% in 2022, while there have been increases in the Black population (from 10% to 14%), Asian population (from 7% to 10%), and Hispanic population (from 5% to 9%). This trend suggests a growing diversity in the area.
Despite these demographic changes, no new LIHTC projects have been completed in zip code 27263 in the last decade. This could be due to various factors, such as changes in local housing policies, shifts in funding priorities, or potentially a reduced need for additional affordable housing units in the area.
Zip code 27263 has a modest LIHTC-funded affordable housing inventory, covering about 1.44% of its estimated housing stock. The area received $639,986 in LIHTC funding, representing 0.15% of North Carolina's total allocation. The affordable housing projects, completed between 1999 and 2003, provide a mix of unit sizes to accommodate diverse household needs. While the area has experienced population growth, increased median income, and growing racial diversity over the past decade, no new LIHTC projects have been developed during this period. This analysis provides insight into the affordable housing landscape of zip code 27263, though other affordable housing programs may also contribute to meeting the area's housing needs.