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Affordable Housing Analysis in Zip Code 28756: Lake Lure's Single LIHTC Project
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 28756, located in Lake Lure, North Carolina, contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project, known as Lake Vista Apartments, provides 32 low-income units, all of which are two-bedroom apartments. Of the estimated 1,475 housing units in the zip code, LIHTC-funded affordable housing comprises approximately 2.17% of the area's housing inventory.
The LIHTC program has invested $260,964 in tax credits for affordable housing in this zip code. This investment equates to an average federal funding of $8,155 per unit. This investment represents 0.06% of North Carolina's total LIHTC funding allocation.
Lake Vista Apartments, completed in 2006, is the only LIHTC project in the area. Affordable housing through the LIHTC program has been present in the zip code for over 15 years. The project consists entirely of two-bedroom units, indicating a focus on accommodating small families or couples.
The zip code has experienced population fluctuations over the past decade, with a general downward trend from 4,304 residents in 2015 to 3,850 in 2022. Despite this population decrease, the median income has shown an overall increase, rising from $41,798 in 2015 to $50,875 in 2022.
The racial composition of the area has remained predominantly white, though there has been a slight decrease in the white population percentage from 85% in 2015 to 78% in 2022. Concurrently, there has been a small increase in diversity, with the Hispanic population growing from 1% to 10% during this period.
These demographic shifts, particularly the rising median income, may partly explain why no additional LIHTC projects have been developed in the area since 2006. The increasing income levels could suggest a reduced need for low-income housing in recent years.
The zip code 28756 has a modest LIHTC-funded affordable housing presence, with one project providing 32 two-bedroom units. This represents a small portion of the estimated housing inventory. While the area has seen a slight population decline and increased median income over the past decade, there has also been a gradual increase in racial diversity. These factors may influence the current and future need for affordable housing in the zip code.
