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Affordable Housing Analysis in Zip Code 28658: LIHTC Funded Projects in Newton, North Carolina
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 28658 in Newton, North Carolina, contains a specific inventory of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area has 136 total units in LIHTC funded projects, with 118 designated as low-income units. Given the estimated 10,482 housing units in the zip code, LIHTC funded affordable housing comprises approximately 1.3% of the local housing inventory.
The LIHTC projects in zip code 28658 have received $362,061 in project tax credits, averaging $2,662 per unit. This funding represents 0.08% of the total state LIHTC allocation. The affordable housing in this zip code spans multiple decades, with the earliest recorded LIHTC project, Apple Hill Apartments, completed in 1988, and the most recent dated project, Bradbury Apartments, finished in 2006.
The 1990s and 2000s saw notable affordable housing development, including projects such as Dixon Units (1995) and Bradbury Apartments (2006). The housing mix includes 9 one-bedroom, 50 two-bedroom, 32 three-bedroom, and 8 four-bedroom units, providing options for various household sizes.
Zip code 28658 has experienced steady population growth over the past decade, increasing from 25,484 in 2010 to 27,359 in 2022, a 7.4% growth. This may indicate a rising demand for housing, including affordable options.
The median income in the area has shown an overall upward trend, increasing from $43,700 in 2013 to $58,708 in 2022, a 34% increase. This growth in median income could potentially impact the need for affordable housing, though income growth does not necessarily reduce the need for affordable options for all population segments.
Racial demographics in zip code 28658 have remained relatively stable. The white population decreased slightly from 73% in 2013 to 71% in 2022. Small increases occurred in the Hispanic (9% to 12%) and multi-racial (1% to 5%) populations. These demographic shifts, while modest, could influence future affordable housing needs and preferences.
The analysis of LIHTC funded affordable housing in zip code 28658 reveals a consistent, albeit limited, presence of affordable housing options. The area has seen steady population growth and income increases over the past decade, which may influence future affordable housing needs. The current LIHTC inventory covers a small percentage of the estimated housing stock, providing housing options for low-income residents. The diverse unit sizes available cater to different household compositions, reflecting an attempt to meet varied housing needs within the community.
