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Affordable Housing Analysis in Zip Code 28054: A Three-Decade Commitment
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 28054 in Gastonia, North Carolina, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 346 total affordable units, all of which are designated as low-income units. These LIHTC-funded affordable housing units comprise approximately 2.39% of the estimated 14,461 total housing units in the zip code.
The LIHTC projects in zip code 28054 have received $2,578,682 in tax credits, averaging $7,453 per unit in federal funding. This amount represents 0.59% of North Carolina's total LIHTC funding, indicating a notable investment in affordable housing for this specific area.
Affordable housing has been a consistent feature of zip code 28054 for over three decades. The first LIHTC project, Airline Apts, was completed in 1988, and the most recent, The Lofts At Union Crossing, was finished in 2021. This 33-year span demonstrates a sustained effort to provide affordable housing options in the area.
The 1990s saw the most affordable housing development in zip code 28054, with projects such as B+S Rentals, 405 Flint St, and The Belvedere Apts completed during this decade. The distribution of unit types shows a focus on family-friendly housing, with 147 two-bedroom units, 47 one-bedroom units, 20 three-bedroom units, and 2 four-bedroom units.
Over the past decade, zip code 28054 has experienced population growth, increasing from 35,052 in 2013 to 37,742 in 2022. The median income has also risen, from $42,681 in 2013 to $49,141 in 2022, suggesting an overall improvement in economic conditions. Racial demographics have shifted slightly, with the white population decreasing from 64% in 2013 to 57% in 2022, while the Black population increased from 22% to 27%. The Hispanic population remained relatively stable, growing from 8% to 9%.
The completion of recent LIHTC projects, such as Villas At Union Trace in 2017 and The Lofts At Union Crossing in 2021, aligns with the area's population growth and changing demographics, indicating a continued need for affordable housing options. Zip code 28054 demonstrates a consistent commitment to affordable housing through its LIHTC-funded projects. The area has seen steady development of affordable units over three decades, with a mix of unit sizes catering to diverse household needs. While the LIHTC-funded units represent a small percentage of the overall housing stock, they play a crucial role in providing affordable options. The recent completion of projects, coupled with population growth and demographic shifts, suggests an ongoing demand for affordable housing in this zip code.
