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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 28469, encompassing Ocean Isle Beach in North Carolina, contains a distinct Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 72 total affordable units, all categorized as low-income units. The LIHTC-funded affordable housing comprises approximately 2.23% of the estimated 3,226 housing units in the zip code.
The LIHTC program has allocated $617,013 in project tax credits for affordable housing in zip code 28469. This equates to an average federal funding of $8,570 per unit. The zip code accounts for 0.14% of North Carolina's total LIHTC funding, representing a small but notable contribution to the state's affordable housing initiatives.
Sunset Creek Commons, completed in 2016, is the sole LIHTC project in this zip code. It constitutes the entire affordable housing inventory funded by LIHTC in the area. The project consists of 72 units, comprising 4 one-bedroom and 32 two-bedroom apartments, offering a range of options for low-income residents.
Zip code 28469 has experienced substantial population growth over the past decade, increasing from 6,302 residents in 2015 to 8,421 in 2022, a growth of 33.6%. Simultaneously, the median income has risen from $56,594 in 2015 to $78,637 in 2022, an increase of 39%.
The racial composition of zip code 28469 has remained relatively constant, with the white population consistently representing the majority at approximately 90% throughout the decade. A slight increase in diversity has occurred, with small increases in the Hispanic and Black populations, each growing from about 2-3% to 4% of the total population by 2022.
The completion of Sunset Creek Commons in 2016 coincides with the period of population growth and rising median income. This suggests that the LIHTC project was developed to address the increasing need for affordable housing options in an area experiencing economic expansion.
The LIHTC program has made a modest but significant contribution to affordable housing in zip code 28469, with one project providing 72 low-income units. While this represents a small percentage of the total housing stock, it provides essential housing options for lower-income residents in an area that has experienced significant population and income growth over the past decade. The stable racial composition and increasing median income indicate a community that may benefit from continued investment in affordable housing to maintain economic diversity and provide opportunities for all residents.