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Affordable Housing Analysis in Zip Code 28209: LIHTC Projects and Demographic Trends
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 28209 in Charlotte, North Carolina, contains 234 units in Low-Income Housing Tax Credit (LIHTC) funded affordable housing projects. Of these, 233 are designated as low-income units. The 2022 population of this zip code was 23,100, with an estimated 8,851 housing units. LIHTC-funded affordable housing represents approximately 2.64% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 28209 have received $1,062,144 in tax credits, averaging about $4,540 per unit. This zip code accounts for 0.24% of North Carolina's total LIHTC funding. Affordable housing has been present in this zip code since 1992, with the completion of Seneca Woods. The most recent projects, Park And Marsh Senior Apartments and The Landing At Park Road, were both completed in 2016, indicating a 24-year span of affordable housing development in the area.
The LIHTC-funded housing in zip code 28209 offers a mix of unit types, with a focus on one-bedroom units. The distribution includes 184 one-bedroom, 24 two-bedroom, 24 three-bedroom, and 2 four-bedroom units. This suggests an emphasis on accommodating smaller households and potentially senior residents.
Over the past decade, zip code 28209 has experienced steady population growth, increasing from 21,274 in 2013 to 23,100 in 2022. Median income has also risen from $87,888 in 2013 to $99,762 in 2022. Despite this economic growth, the completion of two LIHTC projects in 2016 indicates a continued need for affordable housing options in the area.
The racial composition of zip code 28209 has remained relatively stable. The white population increased from 72% in 2013 to 79% in 2022. The Hispanic population decreased from 13% to 6% during this period, while other racial groups experienced minor fluctuations.
Zip code 28209 in Charlotte has a modest but significant LIHTC-funded affordable housing presence, representing about 2.64% of the estimated housing inventory. The area has seen consistent investment in affordable housing over the past three decades, with a focus on one-bedroom units. Despite rising median incomes, the completion of two projects in 2016 suggests an ongoing demand for affordable housing options. The zip code's demographic trends, including population growth and shifts in racial composition, may continue to influence future affordable housing needs and development in the area.
