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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Salem Gardens, a neighborhood in Winston-Salem, North Carolina, is characterized by a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 149 affordable units, all of which are designated as low-income units. This LIHTC-funded inventory constitutes a major portion of the community's housing landscape.
Given the estimated housing inventory of approximately 105 units for the neighborhood, the LIHTC-funded affordable housing encompasses the majority of Salem Gardens' housing stock. This indicates a substantial commitment to affordable housing in the area.
The LIHTC program has invested $340,544 in tax credits for affordable housing projects in Salem Gardens. This investment equates to an average federal funding of approximately $2,285 per unit when distributed across the total 149 units in LIHTC-funded projects.
The Salem Gardens Apartments, completed in 2005, stands as the notable LIHTC project in the neighborhood. This development has provided affordable housing options for nearly two decades, signifying a long-term presence of subsidized housing in the area.
The affordable housing inventory in Salem Gardens comprises a diverse mix of unit types. The distribution includes 4 one-bedroom units, 64 two-bedroom units, 32 three-bedroom units, and 13 four-bedroom units. This variety of unit sizes indicates an effort to accommodate different household compositions and needs within the affordable housing stock.
Over the past decade, Salem Gardens has experienced demographic fluctuations. The population reached a peak of 335 in 2016 but subsequently decreased to 275 in 2022. Median income has shown variability, ranging from a low of $41,666 in 2015 to a high of $52,537 in 2017, before settling at $42,633 in 2022.
Racial distribution in the neighborhood has also undergone changes. The proportion of white residents increased from 33% in 2013 to 52% in 2022, while the Black population decreased from 36% to 15% during the same period. The Hispanic population has remained relatively stable, fluctuating between 12% and 25% over the decade.
These demographic shifts, particularly the changes in income levels and racial composition, may have implications for the ongoing need and demand for affordable housing in the neighborhood.
Salem Gardens demonstrates a significant commitment to affordable housing through its LIHTC-funded inventory. The neighborhood's estimated housing stock is largely comprised of affordable units, indicating a strong focus on providing housing options for lower-income residents. The diverse mix of unit types suggests an attempt to meet various household needs. While demographic changes have occurred over the past decade, including fluctuations in population, income, and racial composition, the presence of LIHTC housing continues to play a crucial role in the neighborhood's housing landscape.