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Affordable Housing Analysis in Zip Code 27855: Azalea Gardens Apartments' Impact
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 27855 in Murfreesboro, North Carolina, contains a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The zip code area covers 54.75 square miles and had a population of 5,509 in 2022. The LIHTC program has funded 33 affordable housing units in this zip code, all of which are designated as low-income units. Based on the estimated housing inventory of 2,111 units, the LIHTC-funded affordable housing comprises approximately 1.56% of the zip code's housing stock.
The LIHTC program has invested $57,318 in tax credits for affordable housing projects in this zip code. This equates to an average federal funding of $1,737 per unit. This zip code accounts for 0.01% of the total LIHTC funding allocated to North Carolina.
The single LIHTC-funded project in this zip code is Azalea Gardens Apartments, completed in 1992. This project has provided affordable housing in the area for over three decades. The 33-unit development consists of 31 one-bedroom units and 2 two-bedroom units, primarily serving smaller households or individuals.
Over the past decade, the zip code has experienced demographic shifts. The population has fluctuated, with a general downward trend from 6,253 in 2010 to 5,509 in 2022. Median income has shown variability, increasing from $32,209 in 2015 to $41,048 in 2022, with a peak of $50,979 in 2021.
Racial distribution in the zip code has remained relatively stable, with the Black population comprising the majority at approximately 58% in 2022, followed by the White population at 35%. The Hispanic population has increased slightly from 2% to 4% over the past decade.
Despite these demographic changes, no new LIHTC projects have been developed in the last decade. This may be attributed to various factors, including changes in local housing needs, funding priorities, or development opportunities.
The LIHTC program has made a modest contribution to affordable housing in zip code 27855, with one project providing 33 low-income units. While this represents a small percentage of the estimated housing stock, it has been a long-standing resource for affordable housing in the area since 1992. The zip code has experienced demographic changes over the past decade, including fluctuations in population and median income, which may influence future affordable housing needs. Continued monitoring of demographic trends and housing affordability will be crucial for addressing the community's housing requirements effectively.
