Loading Content...
Affordable Housing Analysis in Zip Code 28027: LIHTC Investments and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 28027 in Concord, North Carolina, exhibits a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area contains 596 total units in LIHTC-funded projects, with 524 of these designated as low-income units. The LIHTC-funded affordable housing represents approximately 2% of the total housing stock in the zip code, which is estimated at 29,652 units.
The LIHTC program has made substantial investments in this zip code, with project tax credits amounting to $3,904,171. This equates to an average federal funding of approximately $6,551 per unit. The zip code 28027 accounts for 0.89% of North Carolina's total LIHTC funding, indicating a significant concentration of affordable housing investment in this area.
The LIHTC-funded affordable housing in zip code 28027 spans over two decades. The first project, Fairington West Apartments, was completed in 1996, while the most recent projects, Buffalo Terrace and Beechwood Place, were finished in 2020. The year 2020 saw the highest activity, with two projects completed during that year.
The housing inventory in zip code 28027 includes a diverse range of unit types. There are 131 one-bedroom units, 198 two-bedroom units, 125 three-bedroom units, and 28 four-bedroom units. This variety accommodates different household sizes and needs within the low-income population.
Zip code 28027 has experienced significant population growth over the past decade, increasing from 57,900 in 2013 to 77,391 in 2022. During this period, the median income fluctuated but generally increased, reaching $80,294 in 2022. The racial composition of the area has become more diverse. The white population decreased from 70% in 2013 to 57% in 2022, while other racial groups, particularly Black and Hispanic populations, have increased.
The completion of two LIHTC projects in 2020 coincides with the continued population growth and increasing diversity in zip code 28027, suggesting a response to changing demographic needs.
Zip code 28027 demonstrates a consistent commitment to affordable housing through the LIHTC program, with projects spanning from 1996 to 2020. While the LIHTC-funded units represent a small portion of the overall housing stock, they provide essential affordable options in an area experiencing population growth and demographic changes. The diverse mix of unit types and the recent completion of projects indicate ongoing efforts to meet the evolving affordable housing needs of the community in zip code 28027.
