Loading Content...
Affordable Housing Analysis: Zip Code 28083 in Kannapolis, North Carolina
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 28083 in Kannapolis, North Carolina, contains a significant inventory of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 686 total units in LIHTC-funded projects, including 515 low-income units. This represents approximately 6.9% of the estimated 9,969 housing units in the zip code.
The LIHTC projects in zip code 28083 have received $4,495,943 in project tax credits, averaging $6,554 in federal funding per unit. This amount constitutes 1.03% of North Carolina's total LIHTC funding. Affordable housing has been present in this zip code for at least 25 years, with the earliest project completed in 1997 and the most recent known completion in 2017. The period from 2010 to 2019 saw the highest number of affordable housing project completions, with four projects finished during this decade.
The LIHTC-funded housing in zip code 28083 offers various unit types. The inventory includes 89 one-bedroom units, 174 two-bedroom units, 123 three-bedroom units, and 15 four-bedroom units. This distribution indicates an effort to accommodate different household sizes, from individuals to larger families.
Zip code 28083 has experienced steady population growth over the past decade, increasing from 23,616 in 2013 to 26,020 in 2022. This growth may have contributed to the increased need for affordable housing options. The median income in the area has also shown an upward trend, rising from $42,432 in 2013 to $52,723 in 2022, albeit with some fluctuations.
Racial demographics in zip code 28083 have shifted slightly from 2013 to 2022. The white population decreased from 66% to 58%, while the Black population increased from 20% to 25%, and the Hispanic population grew from 10% to 11%. These demographic changes may have influenced the types of affordable housing needed in the area.
In summary, zip code 28083 in Kannapolis, North Carolina, has a notable LIHTC-funded affordable housing presence, comprising about 6.9% of the estimated housing inventory. The area has seen consistent investment in affordable housing over the past 25 years, with a concentration of projects completed in the 2010s. The diverse unit types available cater to various household sizes, reflecting the changing demographics of the area. While the LIHTC program has made a significant contribution to affordable housing in this zip code, other programs may also contribute to the overall affordable housing inventory.
