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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 29483 in Summerville, South Carolina, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This zip code contains 544 total units in LIHTC funded projects, with 435 designated as low-income units. Covering approximately 55.21 square miles, zip code 29483 had a population of 57,472 in 2022. Based on the national average household size, the estimated housing inventory for this zip code is about 22,020 units. The LIHTC funded affordable housing comprises approximately 2.47% of the estimated housing inventory in this zip code.
The LIHTC projects in zip code 29483 have received $3,241,809 in project tax credits, translating to an average federal funding of about $5,960 per unit. This zip code accounts for 0.83% of the total state LIHTC funding, indicating a significant investment in affordable housing for this area.
Affordable housing has been present in zip code 29483 for over two decades. The first LIHTC project, Country Club Apartments, was completed in 1999, while the most recent, Lake Pointe, was finished in 2014. The 2000s saw the most affordable housing development, with six projects completed during this decade.
The LIHTC funded projects in zip code 29483 offer a diverse range of unit types. There are 98 one-bedroom units, 260 two-bedroom units, 159 three-bedroom units, and 8 four-bedroom units. This distribution suggests a focus on accommodating families of various sizes.
Over the past decade, the population in zip code 29483 has grown steadily, increasing from 44,314 in 2013 to 57,472 in 2022. This population growth of nearly 30% may have contributed to the need for affordable housing in the area.
The median income in zip code 29483 has seen an overall increase, rising from $60,084 in 2013 to $68,892 in 2022, with some fluctuations in between. Despite this increase, the continued presence of LIHTC projects suggests an ongoing need for affordable housing options.
Racial demographics in zip code 29483 have remained relatively stable over the past decade. The white population has consistently comprised about 70-72% of the total, while the Black population has ranged between 17-22%. The Hispanic population has remained steady at around 4-6%. This stability in racial demographics suggests that the LIHTC projects have been serving a consistent community profile.
Zip code 29483 in Summerville, South Carolina, has a notable LIHTC funded affordable housing inventory, with 544 total units and 435 low-income units. These projects account for 2.47% of the estimated housing inventory and have received significant federal funding. The area has seen consistent development of affordable housing over two decades, with a variety of unit types to accommodate different household sizes. Despite rising median incomes and population growth, the continued presence of LIHTC projects indicates an ongoing need for affordable housing in this growing community.