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Affordable Housing Analysis in Zip Code 27609: Three Decades of LIHTC Projects in Raleigh, NC
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 27609 in Raleigh, North Carolina, contains a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area encompasses 528 units in LIHTC-funded projects, with 347 designated as low-income units. Based on the estimated housing inventory of 13,401 units for this zip code, LIHTC-funded affordable housing comprises approximately 3.9% of the total housing stock.
The LIHTC projects in zip code 27609 have received $960,525 in tax credits, averaging about $1,819 per unit across all LIHTC-funded projects. This funding represents 0.22% of the total LIHTC credits allocated to North Carolina, indicating a relatively small but significant contribution to the state's affordable housing efforts.
Affordable housing has been present in zip code 27609 for nearly three decades. The earliest LIHTC projects, Capital Towers and Capital Towers II, were both completed in 1993. The most recent addition, Hodges Creek Apartments, was completed in 2004. The 1990s and early 2000s were particularly active for affordable housing development in this area, with projects like Berkeley Spring Apartments joining the inventory in 2003.
The LIHTC-funded housing in zip code 27609 offers a diverse range of unit types. There are 66 efficiencies, 242 one-bedroom units, 44 two-bedroom units, and 68 three-bedroom units. This variety caters to different household sizes and needs within the low-income population.
Over the past decade, the population in zip code 27609 has grown steadily, increasing from 31,404 in 2013 to 34,977 in 2022. This 11.4% growth suggests a rising demand for housing, including affordable options. Concurrently, the median income has also seen significant growth, rising from $73,511 in 2013 to $88,230 in 2022, a 20% increase. This income growth might indicate changing housing needs and affordability challenges for some residents.
The racial composition of zip code 27609 has remained relatively stable, with a slight increase in diversity. The white population decreased slightly from 70% in 2018 to 68% in 2022, while the Hispanic population increased from 10% to 12% during the same period. The Black population remained steady at around 14-15% throughout the decade. This demographic stability suggests that the existing LIHTC projects continue to serve a diverse community.
Zip code 27609 in Raleigh, NC, has a moderate LIHTC-funded affordable housing presence, covering about 3.9% of its estimated housing stock. The area has seen consistent population growth and significant income increases over the past decade. While no new LIHTC projects have been added since 2004, the existing diverse unit mix continues to serve various household sizes in this evolving community. The stability in racial demographics alongside economic growth indicates that these affordable housing options remain relevant in supporting the area's diverse population.
