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Affordable Housing Analysis in Zip Code 27808: Bridgewood Square Co-Op's Contribution
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 27808 in North Carolina, which includes Bayview, contains 16 Low Income Housing Tax Credit (LIHTC) funded affordable housing units. These units comprise the entirety of the LIHTC inventory in this area. Based on the 2022 population estimate, the total housing inventory is approximately 766 units, with LIHTC funded affordable housing representing 2.09% of the zip code's housing stock.
The LIHTC program has allocated $85,542 in tax credits to zip code 27808, averaging $5,346 per affordable unit. This allocation accounts for 0.02% of North Carolina's total LIHTC funding, indicating a relatively small contribution to the state's overall affordable housing efforts. The sole LIHTC project in this zip code, Bridgewood Square Co-Op, was completed in 1995 and has been providing affordable housing options for nearly three decades.
Bridgewood Square Co-Op consists of 16 units, including one two-bedroom unit, four three-bedroom units, and two four-bedroom units, accommodating families of various sizes. This diversity in unit sizes allows the project to meet different household needs within the community.
Zip code 27808 has experienced population fluctuations over the past decade, with a general downward trend from 2,255 residents in 2014 to 1,998 in 2022. Despite this population decrease, the median income has increased significantly, rising from $50,875 in 2014 to $81,778 in 2022. This substantial income growth may have reduced the demand for additional affordable housing in recent years.
The racial composition of zip code 27808 has remained relatively stable, with a predominantly white population (90% in 2022). There has been a slight increase in Hispanic residents, from less than 1% in earlier years to 6% in 2022, while the Black population has decreased from 6% in 2014 to 3% in 2022.
In summary, zip code 27808 has a single LIHTC funded affordable housing project that has been serving the community since 1995. While the project provides a small percentage of the area's housing stock, it offers various unit sizes to accommodate different household needs. The lack of recent LIHTC developments may be attributed to the significant increase in median income over the past decade, potentially reducing the demand for additional affordable housing. The area's demographics have remained relatively stable, with a slight increase in diversity in recent years.
