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Affordable Housing Analysis in Zip Code 28214: LIHTC Investments and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 28214 in Charlotte, North Carolina contains a diverse Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area encompasses 254 total units in LIHTC funded projects, with 63 designated as low-income units. Based on the 2022 population of 41,045 and an estimated 15,726 housing units, the LIHTC funded affordable housing covers approximately 1.61% of the zip code's estimated housing inventory.
The LIHTC program has provided $809,539 in project tax credits for affordable housing in this zip code. This translates to an average federal funding of about $3,187 per unit. Notably, this zip code holds 0.19% of the total state LIHTC funding, indicating a modest but significant contribution to North Carolina's affordable housing efforts.
Affordable housing has been present in this zip code since at least 2004, with the completion of Rivermere Apartments. The most recent project, Catawba Senior Housing, was completed in 2014, spanning a decade of LIHTC-funded development in the area. The 2010s saw the most affordable housing activity, with Catawba Senior Housing being a notable addition.
The housing mix in LIHTC-funded projects includes 44 one-bedroom units, 137 two-bedroom units, and 73 three-bedroom units. This range of unit sizes suggests an effort to accommodate various household compositions within the affordable housing inventory.
Over the past decade, the zip code has experienced significant population growth, increasing from 33,732 in 2013 to 41,045 in 2022. This 21.7% growth may indicate an increasing demand for housing, including affordable options.
Median income in the zip code has risen from $63,178 in 2013 to $68,157 in 2022, representing a 7.9% increase. This income growth, when compared to the more rapid population increase, could suggest a continued need for affordable housing options.
Racial demographics have shifted slightly, with the Black population increasing from 44% in 2013 to 47% in 2022, while the White population decreased from 41% to 32%. The Hispanic population has grown from 8% to 12%, and the Asian population from 4% to 6%. These changes reflect a growing diversity in the area, which may influence future affordable housing needs and designs.
Zip code 28214 in Charlotte has a modest but important LIHTC-funded affordable housing inventory, covering about 1.61% of the estimated housing units. The area has seen consistent population growth and increases in median income over the past decade, along with shifts in racial demographics. While LIHTC projects have contributed to the affordable housing stock, the rapid population growth suggests an ongoing need for affordable housing options to keep pace with the area's development.
