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Affordable Housing Analysis in Zip Code 27278: Three Decades of LIHTC Projects in Hillsborough, North Carolina
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 27278, located in Hillsborough, North Carolina, contains 160 affordable housing units funded by the Low-Income Housing Tax Credit (LIHTC) program. These units are distributed across three projects, all designated as low-income units. The LIHTC-funded affordable housing represents approximately 1.48% of the estimated 10,792 total housing units in the zip code, based on the 2022 population of 28,166.
The LIHTC projects in zip code 27278 have received $620,818 in tax credits, averaging $3,880 per unit. This funding constitutes 0.14% of the total LIHTC credits allocated to North Carolina. The first LIHTC project, Whitted Forest, was completed in 1994, while the most recent, Hampton Pointe Apartments, was finished in 2013. The 2010s saw the most activity in affordable housing development, with two projects completed during this decade: Eno Haven in 2011 and Hampton Pointe Apartments in 2013.
The LIHTC-funded housing in this zip code offers a variety of unit types, consisting of 44 one-bedroom units, 71 two-bedroom units, and 26 three-bedroom units. This distribution indicates an effort to accommodate diverse household sizes, from individuals to small families.
Zip code 27278 experienced steady population growth over the past decade, increasing from 24,777 in 2013 to 28,166 in 2022, representing a 13.7% growth. This population increase may have contributed to the need for additional affordable housing, as evidenced by the LIHTC projects completed during this period.
Median income in the area increased significantly, rising from $72,231 in 2013 to $88,411 in 2022, a 22.4% growth. Despite this overall increase in median income, the continued development of LIHTC projects suggests a persistent need for affordable housing options for lower-income residents.
The racial composition of zip code 27278 remained relatively stable, with a slight increase in the white population (from 72% in 2013 to 74% in 2022) and small increases in Hispanic (from 6% to 11%) and Asian (from 1% to 2%) populations. This gradual diversification may influence future affordable housing needs and development strategies.
In summary, zip code 27278 has benefited from LIHTC-funded affordable housing projects over the past three decades. The 160 low-income units, spread across three developments, provide crucial affordable options in an area experiencing population growth and rising median incomes. The mix of unit types suggests an effort to accommodate various household sizes, and the continued development of LIHTC projects through 2013 indicates an ongoing commitment to addressing affordable housing needs in the community.
