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Affordable Housing Analysis in Zip Code 27597: Zebulon's LIHTC-Funded Inventory
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 27597, located in Zebulon, North Carolina, contains a specific Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area encompasses 199 total units in LIHTC funded projects, with 118 of these designated as low-income units. Based on the 2022 population of 29,094 and an estimated 11,147 housing units, the LIHTC funded affordable housing comprises approximately 1.78% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 27597 have received $693,938 in project tax credits, averaging $3,487 per unit in federal funding. This funding represents 0.16% of North Carolina's total LIHTC allocation, indicating a modest investment in affordable housing for this area.
Affordable housing has been present in zip code 27597 for over three decades. The first LIHTC project, Jacobs Property, was completed in 1988, and the most recent, Zebulon Green, was finished in 2020. The 2000s and 2010s saw the most affordable housing development, with three projects completed during this period: Silver Spring Apts (2002), Shepard Greene (2018), and Zebulon Green (2020).
The LIHTC funded housing in zip code 27597 offers a range of unit types, including 55 one-bedroom, 100 two-bedroom, and 40 three-bedroom units. This distribution suggests accommodation for various household sizes, from individuals to small families.
Over the past decade, zip code 27597 has experienced significant population growth, increasing from 23,175 in 2015 to 29,094 in 2022. This 25.5% population increase coincides with the completion of two LIHTC projects in 2018 and 2020, suggesting a response to growing housing needs.
Median income in zip code 27597 has risen from $58,610 in 2015 to $67,834 in 2022, a 15.7% increase. Despite this growth, the continued development of affordable housing indicates an ongoing need for low-income options.
Racial demographics in zip code 27597 have remained relatively stable, with a slight decrease in the white population from 61% in 2015 to 55% in 2022, and small increases in Hispanic and multi-racial populations. This gradual diversification may influence future affordable housing needs and development.
Zip code 27597 in Zebulon, North Carolina, has maintained a commitment to affordable housing through LIHTC projects over the past three decades. While the current LIHTC funded units represent a small portion of the estimated housing inventory, the recent completion of projects in 2018 and 2020 demonstrates ongoing efforts to address affordable housing needs in a growing community. The diverse unit types and consistent development over time suggest an approach to meeting the area's changing demographic and economic landscape.
