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Affordable Housing Impact in Closeburn-Glenkirk: LIHTC's Role in Charlotte Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Closeburn-Glenkirk neighborhood in Charlotte, North Carolina, features 163 affordable housing units funded by the Low-Income Housing Tax Credit (LIHTC) program. These units, all designated as low-income, comprise approximately 11.6% of the estimated 1,402 total housing units in the area, based on the 2022 population of 3,658 and the national average household size of 2.61. This proportion approaches the 15-20% range considered ideal for a well-balanced community.
The LIHTC program has allocated $545,988 in tax credits for affordable housing in Closeburn-Glenkirk, averaging $3,349 in federal funding per unit. The affordable housing inventory consists of 131 efficiencies and 32 one-bedroom units, suggesting a focus on accommodating smaller households or individuals.
Parktowne Terrace II, completed in 2013, is the sole LIHTC project in the neighborhood. This development accounts for all 163 affordable units in the area, representing a significant addition to the neighborhood's affordable housing stock in that year.
Since the completion of Parktowne Terrace II in 2013, Closeburn-Glenkirk has experienced demographic changes. The population increased from 3,547 in 2013 to 3,658 in 2022, a 3% growth. Median income rose from $50,761 in 2013 to $62,547 in 2022, a 23% increase.
Racial demographics have shifted slightly since 2013. The white population decreased from 59% to 63%, while the Hispanic population remained stable at 22%. The Black population increased from 6% to 8%, and the Asian population remained at 1%. These changes indicate a relatively stable racial composition with minor shifts over the past decade.
Closeburn-Glenkirk's affordable housing landscape is defined by the Parktowne Terrace II LIHTC project, providing 163 low-income units. These units, primarily efficiencies and one-bedrooms, constitute about 11.6% of the estimated housing stock. The neighborhood has experienced moderate population growth and income increases since the project's completion in 2013, with relatively stable racial demographics. The LIHTC-funded housing plays a crucial role in providing affordable options in an area that has seen some economic growth over the past decade.
