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Affordable Housing Analysis in Zip Code 28056: LIHTC Impact and Demographic Shifts
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 28056 in Gastonia, North Carolina, has a population of 37,997 as of 2022 and covers an area of 47.87 square miles. The Low-Income Housing Tax Credit (LIHTC) program has funded 112 total units in this zip code, with 40 of those designated as low-income units. Based on the estimated housing inventory of 14,558 units, the LIHTC-funded affordable housing covers approximately 0.77% of the zip code's housing stock.
The LIHTC projects in this zip code have received $1,427,892 in tax credits, averaging $12,749 per unit in federal funding. This zip code holds 0.33% of North Carolina's total LIHTC funding allocation. The earliest recorded LIHTC project in the area was Bordeaux Apartments, completed in 2012, while the most recent was Parkside At Hudson, finished in 2020. This indicates that affordable housing has been present in the zip code for at least 8 years. The 2020s saw the most recent affordable housing development activity.
The LIHTC-funded housing in this zip code consists of 21 one-bedroom units, 65 two-bedroom units, and 26 three-bedroom units, providing a mix of housing options for different household sizes.
Over the past decade, the population in zip code 28056 has grown steadily, increasing from 33,344 in 2013 to 37,997 in 2022. The median income has also risen significantly, from $64,976 in 2013 to $79,735 in 2022, indicating overall economic improvement in the area.
Racial demographics have shifted slightly, with the white population decreasing from 82% in 2013 to 71% in 2022, while the Black population increased from 8% to 14%, and the Hispanic population grew from 5% to 9% during the same period. This diversification may have influenced the need for affordable housing options in the area.
Zip code 28056 has seen moderate LIHTC-funded affordable housing development over the past decade, with projects completed in 2012 and 2020. The affordable housing stock represents a small percentage of the total estimated housing units, providing diverse options for low-income residents. The area has experienced population growth, income increases, and racial diversification, which may continue to shape affordable housing needs in the future.
