Loading Content...
Affordable Housing Analysis in Zip Code 27909: Three Decades of LIHTC Development in Elizabeth City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 27909 in Elizabeth City, North Carolina, contains a significant number of affordable housing units funded through the Low-Income Housing Tax Credit (LIHTC) program. This area has 638 total units in LIHTC-funded projects, with 339 designated as low-income units. Based on the 2022 population of 40,406 and an estimated 15,481 housing units, LIHTC-funded affordable housing comprises approximately 4.1% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 27909 have received $3,921,074 in tax credits, averaging about $6,146 per unit in federal funding. This amount represents 0.9% of North Carolina's total LIHTC funding, indicating a substantial investment in affordable housing for this area.
Affordable housing has been present in this zip code for nearly three decades. The earliest LIHTC project, Woodstock III, was completed in 1989, and the most recent, Morgan Pointe, in 2017. The 2010s saw the highest activity, with four projects completed during this decade, including River's Edge At Elizabeth Crossing, River's Retreat At Elizabeth Crossing, Rivers Landing, and Tooley Place.
The LIHTC-funded housing in zip code 27909 offers a variety of unit sizes to accommodate different household needs. There are 161 one-bedroom units, 291 two-bedroom units, 133 three-bedroom units, and 16 four-bedroom units. This distribution suggests a focus on accommodating small to medium-sized families.
Over the past decade, the zip code's population has remained relatively stable, with slight fluctuations. The median income has shown an overall increase from $56,400 in 2013 to $56,319 in 2022, with some variability in between. This modest income growth may indicate an ongoing need for affordable housing options.
The racial composition of zip code 27909 has remained fairly constant. There was a slight decrease in the white population from 55% to 54% and a small increase in the Hispanic population from 4% to 6% between 2013 and 2022. The Black population has seen a minor decrease from 37% to 35%. These demographic shifts, while subtle, may influence the demand for affordable housing in the area.
Zip code 27909 demonstrates a consistent commitment to affordable housing through its LIHTC-funded projects. With 638 total units, including 339 low-income units, these projects contribute significantly to the area's housing diversity. The steady development of LIHTC projects over nearly three decades, particularly in the 2010s, reflects ongoing efforts to address affordable housing needs. While the LIHTC-funded units represent a small portion of the estimated housing inventory, they play a crucial role in providing affordable options in a zip code with a diverse population and gradually increasing median income. The variety of unit sizes available suggests an attempt to meet the needs of different household compositions within the community.
