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Affordable Housing Analysis in Zip Code 27616: A 25-Year LIHTC History
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 27616 in Raleigh, North Carolina, contains a significant inventory of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. This area has 1,106 total units in LIHTC funded projects, with 1,008 designated as low-income units. Based on the 2022 population of 56,332 and an estimated 21,583 housing units, LIHTC funded affordable housing comprises approximately 5.1% of the zip code's housing inventory.
The LIHTC program has invested $4,604,300 in tax credits for affordable housing projects in zip code 27616. This investment equates to an average federal funding of about $4,163 per unit. Notably, this zip code accounts for 1.05% of the total LIHTC funding allocated to North Carolina.
The presence of affordable housing in zip code 27616 spans several decades. The earliest LIHTC projects, including Berkshire Downs I and Courtney Lane Townhomes, were completed in 1992. The most recent project with a known completion date is Brighton Pointe II, finished in 2017. This indicates a 25-year history of LIHTC-funded affordable housing in the area.
The 1990s witnessed the most significant affordable housing development activity in zip code 27616, with numerous projects completed during this decade. Notable projects from this period include River Birch Apartments (1996) and Fox Haven Apartments (1997).
The LIHTC-funded housing in zip code 27616 offers a diverse range of unit types. The inventory includes 96 one-bedroom units, 446 two-bedroom units, and 113 three-bedroom units, catering to various household sizes and needs.
Over the past decade, zip code 27616 has experienced steady population growth, increasing from 46,429 in 2013 to 56,332 in 2022. The median income has fluctuated but generally trended upward, rising from $64,282 in 2013 to $69,672 in 2022.
Racial demographics in zip code 27616 have remained relatively stable, with a slight increase in diversity. The Black population has remained the largest group, increasing slightly from 36% in 2013 to 38% in 2022. The Hispanic population has grown from 18% to 20%, while the White population decreased from 36% to 33% during this period.
Zip code 27616 in Raleigh has a substantial LIHTC-funded affordable housing inventory, representing about 5.1% of the estimated housing stock. The area has benefited from over $4.6 million in tax credits, supporting over 1,000 affordable units. The development of these projects spans more than two decades, with the most significant activity occurring in the 1990s. Despite steady population growth and increasing median income, the continued development of affordable housing projects through 2017 suggests an ongoing need for affordable options in this diverse and growing community.
