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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 29334 in Duncan, South Carolina, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area contains 254 total units in LIHTC funded projects, with 196 of these designated as low-income units. Based on the 2022 population of 17,347 and the estimated 6,646 housing units, LIHTC funded affordable housing comprises approximately 3.8% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 29334 have received $991,778 in project tax credits, averaging about $3,904 per unit. This funding represents 0.25% of South Carolina's total LIHTC allocation, indicating a modest but significant investment in affordable housing for this area.
The first LIHTC project in this zip code, Culpepper Landing Apartments, was completed in 1998, with the most recent project, Duncan Village, finished in 2005. This seven-year span demonstrates a consistent commitment to affordable housing development in the area. The late 1990s saw the most affordable housing activity, with two projects completed in 1998.
The LIHTC inventory in zip code 29334 offers a diverse range of unit types. It includes 1 efficiency unit, 30 one-bedroom units, 133 two-bedroom units, and 36 three-bedroom units. This distribution suggests a focus on accommodating various household sizes, with a particular emphasis on two-bedroom units.
Over the past decade, zip code 29334 has experienced significant population growth, increasing from 13,040 in 2013 to 17,347 in 2022. Median income has also risen, from $58,608 in 2013 to $71,868 in 2022. The racial composition has shifted slightly, with the white population decreasing from 69% to 65%, while the Black population increased from 20% to 23%, and the Asian population grew from 1% to 3%.
These demographic changes, particularly the population growth and rising median income, may indicate an evolving need for affordable housing in the area. The increase in racial diversity could also suggest a need for culturally sensitive affordable housing options.
Zip code 29334 demonstrates a modest but important LIHTC funded affordable housing presence, covering about 3.8% of the estimated housing inventory. The area has seen consistent investment in affordable housing, particularly in the late 1990s and early 2000s. With recent population growth and demographic shifts, ongoing assessment of affordable housing needs in this zip code may be warranted to ensure the inventory continues to meet the community's evolving requirements.