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Affordable Housing Analysis in Zip Code 28681: Low-Income Housing Tax Credit Impact
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 28681 in Bethlehem, North Carolina, has a population of 25,317 as of 2022 and covers an area of 171.4 square miles. The Low-Income Housing Tax Credit (LIHTC) program has funded 142 affordable housing units in this zip code, with 70 designated as low-income units. Based on an estimated housing inventory of 9,700 units, LIHTC-funded affordable housing comprises approximately 1.46% of the zip code's housing stock.
The LIHTC program has invested $585,147 in tax credits for affordable housing projects in zip code 28681. This equates to an average federal funding of $4,120 per unit. This zip code accounts for 0.13% of the total LIHTC funding allocated to North Carolina.
Affordable housing has been present in this zip code since 1997, with the most recent project completed in 2019. The Oaks was the first LIHTC project built in 1997, while Crest Knolls was the most recent addition in 2019. The 2010s saw the most activity in affordable housing development, with two projects completed during this decade.
The LIHTC-funded housing inventory in zip code 28681 consists of 32 one-bedroom units, 54 two-bedroom units, and 16 three-bedroom units. This distribution indicates a focus on accommodating small to medium-sized households.
Over the last decade, the zip code's population has grown from 24,172 in 2010 to 25,317 in 2022. The median income has increased from $42,784 in 2013 to $55,565 in 2022, representing a 29.9% increase. This rise in median income may indicate improving economic conditions for some residents.
Racial demographics have remained relatively consistent, with the white population representing the majority at approximately 86% throughout the decade. There has been a slight increase in diversity, with small growth in Hispanic and multi-racial populations.
The completion of the Crest Knolls project in 2019 aligns with the period of income growth, potentially addressing the need for affordable housing options in a changing economic landscape.
The LIHTC program has contributed to providing affordable housing in zip code 28681, funding 142 units over the past two decades. While this represents a small percentage of the estimated housing inventory, it has helped diversify housing options in the area. The zip code has experienced steady population growth and significant median income increases, which may influence future affordable housing needs. The distribution of unit sizes in LIHTC projects suggests an effort to accommodate various household compositions within the community.
