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Affordable Housing Analysis in Zip Code 29670: LIHTC Funding 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 29670, located in Pendleton, South Carolina, exhibits a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area contains 53 total affordable units, all of which are designated as low-income units. Based on the 2022 population of 10,191 and an estimated 3,905 housing units, LIHTC-funded affordable housing comprises approximately 1.36% of the estimated housing inventory in this zip code.
The LIHTC projects in zip code 29670 have received $689,181 in tax credits, averaging about $13,003 per unit. This funding represents 0.18% of South Carolina's total LIHTC allocations, indicating a modest but significant investment in affordable housing for this area. Affordable housing has been present in this zip code since at least 2012, with the completion of Pendleton Properties. The most recent project, Village Square, was completed in 2017, demonstrating a five-year span of LIHTC-funded development.
The affordable housing inventory in zip code 29670 is diverse, with a total of 53 units distributed across various configurations. There are 6 one-bedroom units, 18 two-bedroom units, 8 three-bedroom units, and 4 four-bedroom units, catering to different household sizes and needs.
Over the past decade, zip code 29670 has experienced population growth, increasing from 8,983 in 2013 to 10,191 in 2022. This 13.4% growth may have contributed to the need for additional affordable housing options. The median income has also risen significantly, from $46,127 in 2013 to $65,352 in 2022, a 41.7% increase. Despite this overall income growth, the presence of LIHTC projects suggests a continued need for affordable housing options for lower-income residents.
Racial demographics in zip code 29670 have remained relatively stable, with a slight increase in diversity. The white population decreased from 82% in 2013 to 79% in 2022, while the Black population increased from 11% to 14% during the same period. The Hispanic population remained relatively constant at 1-3%.
Zip code 29670 has a modest but important LIHTC-funded affordable housing presence, with 53 units representing about 1.36% of the estimated housing inventory. The area has seen continuous investment in affordable housing from 2012 to 2017, with projects catering to various household sizes. Despite overall income growth, the continued development of LIHTC projects indicates an ongoing need for affordable housing options. The zip code's demographic trends, including population growth and slight increases in diversity, align with the expansion of affordable housing options over the past decade.
