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Affordable Housing Analysis in Zip Code 29492: A Decade of Stable LIHTC Development
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 29492 in Charleston, South Carolina, contains a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area encompasses 113 affordable housing units, all of which are classified as low-income units. These units constitute approximately 1.51% of the estimated 7,462 housing units in the zip code, calculated using the 2022 population of 19,475 and the national average household size of 2.61.
The LIHTC program has allocated $1,296,244 in tax credits for affordable housing projects in this zip code. This equates to an average federal funding of $11,471 per unit. Zip code 29492 accounts for 0.33% of the total LIHTC funding allocated to South Carolina.
Affordable housing has been present in this community for over a decade. The initial LIHTC project, Seven Farms Apts, was completed in 2006, with Seven Farms Village following in 2010. The 2000s witnessed the most significant affordable housing development activity in this zip code.
The affordable housing inventory in this area comprises various unit types. There are 54 one-bedroom units, 41 two-bedroom units, and 18 three-bedroom units. This range of unit sizes can accommodate different household compositions, from individuals to small families.
Zip code 29492 has experienced substantial population growth over the past decade, increasing from 8,314 in 2010 to 19,475 in 2022. Despite this growth, no new LIHTC projects have been completed since 2010. The median income in the area has remained consistently high, ranging from $107,679 in 2013 to $108,118 in 2022, which may partially explain the lack of recent LIHTC development.
The racial composition of the zip code has remained relatively stable, with a predominantly white population (84% in 2022). There has been a slight decrease in the Black population from 11% in 2014 to 6% in 2022, while the Asian and multiracial populations have seen small increases.
Zip code 29492 in Charleston, South Carolina, has a modest LIHTC-funded affordable housing inventory, representing about 1.51% of the estimated housing units. The area received significant LIHTC investment in the 2000s, resulting in 113 low-income units across two projects. Despite substantial population growth over the past decade, no new LIHTC projects have been developed since 2010. The consistently high median income in the area may contribute to this trend. The existing affordable housing stock offers a range of unit sizes to accommodate diverse household needs. The LIHTC inventory provides an important foundation for low-income housing in the community.
