Loading Content...
Affordable Housing Impact in Slater Park: LIHTC's Long-Term Presence
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Slater Park, a neighborhood in Winston-Salem, North Carolina, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory consists of 56 total units, all of which are designated as low-income units. This affordable housing stock plays a crucial role in addressing the community's housing needs.
Based on the 2022 population of 544 and using the national average household size of 2.61, approximately 208 housing units are estimated in the neighborhood. The 56 LIHTC-funded affordable units represent about 26.9% of the estimated housing inventory. This percentage suggests that LIHTC-funded affordable housing covers a substantial portion of the neighborhood's housing stock, potentially meeting or exceeding the target range of 15-20% for affordable housing in a well-balanced community.
The LIHTC program has invested $356,760 in tax credits for affordable housing in Slater Park. With 56 total units funded, this translates to an average federal investment of $6,371 per unit. This funding has been instrumental in creating affordable housing options for the community.
The neighborhood's LIHTC-funded affordable housing is represented by a single project, Andrews Heights, which was completed in 2000. This project has been providing affordable housing options to the community for over two decades, demonstrating a long-term commitment to addressing housing needs in Slater Park.
Andrews Heights consists entirely of one-bedroom units, totaling 56. This unit composition suggests a focus on housing for individuals or small households, potentially catering to seniors or young professionals in need of affordable housing options.
Over the past decade, Slater Park has experienced some demographic shifts. The population has fluctuated, with a general downward trend from 728 residents in 2015 to 544 in 2022. The median income has shown variability, ranging from a low of $16,566 in 2017 to $21,748 in 2021, before settling at $20,840 in 2022.
The racial composition of the neighborhood has remained predominantly African American, with percentages ranging from 72% to 86% over the past decade. There has been an increase in the Hispanic population, growing from 10% in 2015 to 22% in 2022. The white population has remained relatively small, fluctuating between 1% and 5% during this period.
While no new LIHTC projects have been built in the last decade, the existing affordable housing continues to serve a significant portion of the community. The demographic trends, particularly the fluctuating median income and the increase in the Hispanic population, suggest an ongoing need for affordable housing options in Slater Park.
Slater Park's LIHTC-funded affordable housing, represented by the Andrews Heights project, covers a substantial portion of the neighborhood's estimated housing inventory. The 56 one-bedroom units have been serving the community since 2000, providing long-term affordable housing options. Despite population fluctuations and demographic shifts over the past decade, the continued presence of these affordable units likely plays a crucial role in meeting the housing needs of the neighborhood's diverse and changing population.
