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Affordable Housing Dynamics in Reid Park: LIHTC Impact and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Reid Park, a neighborhood in Charlotte, North Carolina, contains a notable proportion of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area encompasses 80 total units in LIHTC-funded projects, with 79 designated as low-income units. Based on the 2022 population of 2,091 and an estimated 801 housing units, LIHTC-funded affordable housing comprises approximately 10% of the neighborhood's estimated housing inventory.
The LIHTC program has made a substantial investment in Reid Park, with project tax credits totaling $622,509. This equates to an average federal funding of about $7,781 per unit in LIHTC-funded projects. The Tyvola Crossing Apartments, completed in 2005, form the core of LIHTC-funded housing in Reid Park, offering a combination of two-bedroom (52 units) and three-bedroom (28 units) apartments.
Reid Park has undergone significant demographic changes over the past decade. The population increased from 1,660 in 2013 to 2,091 in 2022, indicating rising housing demand. Median income grew substantially, from $20,924 in 2013 to $35,926 in 2022, potentially impacting affordable housing needs. Racial demographics also shifted, with the Black population decreasing from 91% in 2013 to 82% in 2022, while the Hispanic population increased from 2% to 14% during the same period.
No new LIHTC projects have been recorded in Reid Park over the last decade. This may be attributed to the significant increase in median income, which could have reduced the perceived need for additional affordable housing units. However, the population growth suggests that housing demand, including affordable options, may still exist.
The affordable housing landscape in Reid Park is primarily defined by the Tyvola Crossing Apartments, a LIHTC-funded project from 2005. While this development accounts for about 10% of the estimated housing inventory, demographic changes over the past decade, including population growth and increased median income, may have altered the affordable housing dynamics in the neighborhood. The absence of new LIHTC projects in recent years, combined with these demographic shifts, indicates a potential need to reassess affordable housing requirements in Reid Park to ensure alignment with evolving community needs.
