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Affordable Housing Analysis in Zip Code 28714: Two Decades of LIHTC Implementation in Burnsville, 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 28714 in Burnsville, North Carolina, encompasses an area of 263.39 square miles with a population of 15,711 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded 136 total units in this area, with 100 designated as low-income units. The LIHTC-funded affordable housing comprises approximately 2.26% of the zip code's estimated housing inventory of 6,020 units.
The LIHTC projects in zip code 28714 have received $544,050 in tax credits, averaging about $4,000 per unit in federal funding. This allocation represents 0.12% of North Carolina's total LIHTC funding, indicating a modest investment in affordable housing for this area.
Affordable housing has been present in zip code 28714 for nearly two decades. The first LIHTC project, Hunters Run Apartments, was completed in 1988, and the most recent, Forest Hills, in 2006. The 1990s experienced the highest activity, with three projects completed: Hunters Run II (1988), Woodland Hills (1996), and Valley Place Apartments (1997).
The LIHTC-funded housing in zip code 28714 consists primarily of one-bedroom units (116) and two-bedroom units (20). This distribution suggests a focus on housing for smaller households or individuals.
The population in zip code 28714 has grown steadily over the past decade, increasing from 14,425 in 2013 to 15,711 in 2022. During this same period, the median income rose from $37,524 in 2013 to $46,423 in 2022, representing a 23.7% increase. This significant rise in median income may indicate a reduced need for additional affordable housing in recent years.
The racial composition of zip code 28714 has remained relatively stable, with the white population consistently representing about 92% of residents. The Hispanic population has maintained around 5% throughout the decade. This stability in racial demographics suggests that the existing affordable housing stock may have been sufficient to meet the needs of the diverse population.
Zip code 28714 has a modest LIHTC-funded affordable housing inventory, covering about 2.26% of the estimated housing stock. The area received a small portion of the state's LIHTC funding, focusing primarily on one and two-bedroom units. No new LIHTC projects have been completed since 2006. The steady population growth and significant increase in median income over the past decade may indicate changing housing needs in the area. The stable racial demographics suggest that the existing affordable housing stock may be meeting the needs of the diverse population. Further analysis of other affordable housing programs would be necessary for a comprehensive understanding of the area's housing landscape.
