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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 28451 in Leland, North Carolina, contains a total of 136 units in Low-Income Housing Tax Credit (LIHTC) funded projects, with 123 of these designated as low-income units. Based on the estimated 15,576 housing units in the zip code, derived from the 2022 population of 40,654 and the national average household size, LIHTC funded affordable housing comprises approximately 0.87% of the zip code's housing inventory.
The LIHTC program has invested $1,230,986 in tax credits for affordable housing projects in this zip code. This equates to an average federal funding of about $9,051 per unit. Zip code 28451 accounts for 0.28% of the total LIHTC funding allocated to North Carolina.
Affordable housing has been present in this zip code since at least 2007, with the completion of the Egret Pointe project. The most recent project, Westgate Senior Apartments, was completed in 2013, indicating a six-year span of LIHTC development activity. The 2000s decade saw the most affordable housing projects completed in this area.
The inventory of LIHTC funded units in this zip code includes 52 one-bedroom units, 68 two-bedroom units, and 16 three-bedroom units. This distribution suggests a focus on accommodating smaller households and families.
Over the past decade, zip code 28451 has experienced significant population growth, increasing from 27,799 in 2013 to 40,654 in 2022. This represents a growth rate of about 46%. During this same period, the median income has also risen, from $55,262 in 2013 to $61,864 in 2022, an increase of approximately 12%.
The racial composition of the zip code has remained relatively stable, with a slight increase in diversity. The white population has maintained a majority, constituting about 73% of the population in 2022. The Black population has remained steady at around 13-14%, while the Hispanic population has seen a slight increase from 7% in 2013 to 8% in 2022.
Despite the population growth and income increase, no new LIHTC projects have been recorded since 2013. This could be due to various factors, including changes in local housing policies, shifts in funding priorities, or the possibility that other affordable housing programs are meeting the area's needs.
The LIHTC program has played a role in providing affordable housing in zip code 28451, contributing 136 units to the area's housing stock. While this represents a small percentage of the estimated total housing units, it is important to note that other affordable housing programs may also be present in the area. The zip code has seen significant population growth and a moderate increase in median income over the past decade, which could influence future affordable housing needs. The stability in racial composition suggests that the area has maintained its demographic character despite the growth. As the community continues to evolve, ongoing assessment of affordable housing needs will be crucial to ensure a balanced housing market for all residents.