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Affordable Housing Analysis in Zip Code 28001: Three Decades of LIHTC Development in Albemarle, 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 28001, located in Albemarle, North Carolina, encompasses 137.96 square miles and had a population of 27,943 in 2022. This area has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The LIHTC program has funded 376 total units in this zip code, with 250 of those specifically designated as low-income units. Based on the estimated 10,706 housing units in the zip code, the LIHTC-funded affordable housing covers approximately 3.51% of the total housing inventory.
The LIHTC projects in zip code 28001 have received $1,956,988 in tax credits, averaging about $5,205 per unit in federal funding. This zip code holds 0.45% of the total state LIHTC funding, indicating a moderate concentration of affordable housing investment relative to other areas in North Carolina.
The first LIHTC projects in this zip code, South 4th Street Apts and Morrow Ave Apts, were completed in 1988. The most recent project, Uwharrie Trail, was completed in 2020, demonstrating over three decades of affordable housing development in the area. The 1980s and early 1990s saw the most activity, with six projects completed between 1988 and 1991. Notable projects include Forest Oaks and Heathfield Apts, both completed in 1989.
The LIHTC-funded housing in zip code 28001 offers a diverse range of unit types. There are 6 efficiencies, 111 one-bedroom units, 184 two-bedroom units, and 47 three-bedroom units. This distribution suggests a focus on accommodating various household sizes, with a particular emphasis on one and two-bedroom apartments.
Over the last decade, the zip code's population has remained relatively stable, with slight fluctuations. The median income has shown an overall increase, rising from $42,910 in 2013 to $51,867 in 2022. This 20.9% increase in median income might indicate a growing need for affordable housing options to support lower-income residents.
The racial demographics have remained fairly consistent, with a slight decrease in the white population (from 77% in 2013 to 74% in 2022) and small increases in Black (14% to 17%) and Hispanic (2% to 4%) populations. This gradual diversification could potentially influence future affordable housing needs and designs.
Zip code 28001 has an established LIHTC-funded affordable housing inventory, developed over more than 30 years. While the current LIHTC units cover a small percentage of the estimated housing stock, they provide important affordable options for the community. The area has seen a significant increase in median income over the past decade, coupled with subtle shifts in racial demographics. These factors, along with the consistent development of LIHTC projects over time, suggest an ongoing commitment to addressing affordable housing needs in this North Carolina community.
