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Affordable Housing Analysis in Zip Code 29445: LIHTC Investments and Demographic Trends
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 29445 in Goose Creek, South Carolina, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 416 units in LIHTC-funded projects, with 281 designated as low-income units. The 2022 population of 65,044 and an estimated 24,921 housing units indicate that LIHTC-funded affordable housing comprises approximately 1.67% of the zip code's housing inventory.
The LIHTC projects in zip code 29445 have received $9,414,515 in tax credits, averaging about $22,631 per unit. This funding represents 2.41% of South Carolina's total LIHTC allocation, indicating a substantial investment in affordable housing for this area.
Affordable housing has been present in zip code 29445 for over a decade. The initial LIHTC project, Hallmark Timberlake, was completed in 2007, while the most recent, Etiwan Place, was finished in 2019. The year 2010 experienced the highest affordable housing activity, with three projects completed: Collins Park, Crowfield Greene, and Preserve At Collins Park.
The LIHTC-funded housing in zip code 29445 primarily consists of two- and three-bedroom units, with 224 two-bedroom and 170 three-bedroom units. There are also 4 one-bedroom units, providing a mix of housing options for different household sizes.
Over the last decade, zip code 29445 has experienced steady population growth, increasing from 58,894 in 2013 to 65,044 in 2022. This 10.4% population increase may have contributed to the need for additional affordable housing, as evidenced by the completion of Etiwan Place in 2019.
Median income in zip code 29445 has also risen, from $62,825 in 2013 to $71,527 in 2022, representing a 13.8% increase. Despite this growth, the continued development of affordable housing suggests an ongoing need for low-income housing options.
The racial composition of zip code 29445 has remained relatively stable, with a slight decrease in the white population (from 63% in 2013 to 57% in 2022) and a small increase in the Black population (from 19% to 23%). The Hispanic population has held steady at around 9-10%. This diversity may influence the need for varied affordable housing options to serve different communities.
Zip code 29445 in Goose Creek, South Carolina, has a notable LIHTC-funded affordable housing inventory, with 416 total units and 281 low-income units. These projects represent a significant investment of $9,414,515 in tax credits, accounting for 2.41% of the state's LIHTC funding. The area has seen consistent affordable housing development from 2007 to 2019, with a focus on two- and three-bedroom units. Despite rising median incomes, the continued development of affordable housing, alongside population growth and demographic shifts, suggests an ongoing need for affordable housing options in this zip code.
