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Affordable Housing Impact in Clanton Park-Roseland: LIHTC's Significant Role
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Clanton Park-Roseland, a neighborhood in Charlotte, North Carolina, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory consists of 505 total units, with 504 of these designated as low-income units. This substantial number of affordable housing units plays a crucial role in addressing the community's housing needs.
Based on the estimated housing inventory of 1,221 units for the neighborhood, the LIHTC funded affordable housing covers approximately 41.3% of the total housing stock. This is a considerable proportion, indicating that LIHTC funded projects make up a significant part of the neighborhood's housing landscape.
The LIHTC program has invested $487,547 in tax credits for affordable housing projects in Clanton Park-Roseland. This translates to an average federal funding of approximately $965 per unit, demonstrating a substantial commitment to affordable housing in the area.
The neighborhood's LIHTC funded affordable housing project, Pressley Ridge, was completed in 2000. This indicates that affordable housing has been a part of the community for over two decades, contributing to housing stability for low-income residents.
The Pressley Ridge project offers a diverse mix of unit types, catering to various household sizes. It includes 176 one-bedroom units, 225 two-bedroom units, and 104 three-bedroom units. This distribution suggests an effort to accommodate different family configurations within the affordable housing stock.
Over the past decade, Clanton Park-Roseland has experienced some demographic shifts. The population has fluctuated, with a notable decrease from 4,427 in 2018 to 3,188 in 2022. Despite these changes, the median income has shown an overall upward trend, rising from $27,575 in 2015 to $30,765 in 2022, with some fluctuations in between.
Regarding racial composition, the neighborhood has maintained a predominantly African American population, though there has been a slight decrease from 88% in 2015 to 77% in 2022. Concurrently, there has been a gradual increase in the Hispanic population, from 9% in 2015 to 14% in 2022, and a small rise in the white population from 2% to 5% over the same period.
These demographic shifts, particularly the increase in median income and the diversification of the racial makeup, may influence future affordable housing needs and development in the neighborhood.
Clanton Park-Roseland's LIHTC funded affordable housing inventory plays a significant role in the neighborhood's housing landscape, covering over 40% of the estimated housing stock. The Pressley Ridge project, completed in 2000, has provided a mix of unit types to serve various household sizes for more than two decades. While the neighborhood has experienced some population fluctuations and demographic changes over the past decade, the presence of these affordable units continues to be an important resource for the community. The gradual increase in median income and slight diversification of the racial makeup may influence future affordable housing needs and developments in Clanton Park-Roseland.
