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Affordable Housing in Asheville: A Three-Decade Commitment to LIHTC Projects
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Asheville, located in the Blue Ridge Mountains of North Carolina, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 2,032 total units in LIHTC-funded projects, including 1,339 designated low-income units. This inventory represents approximately 5.7% of the city's estimated housing stock of 35,932 units.
Asheville has received $10,319,049 in project tax credits through the LIHTC program. With approximately 30 projects, this amounts to an average of $343,968 in federal funding per project, or about $5,078 in federal funding per unit. The city holds 2.36% of North Carolina's total LIHTC funding, indicating its relative importance in the state's affordable housing efforts.
The first LIHTC project in Asheville, "Duplex," was completed in 1987, while more recent projects like "Eagle Market Place" and "Givens Gerber Park III" were finished in 2017. This 30-year span demonstrates a long-term commitment to affordable housing in the city. The late 1990s and early 2000s saw significant affordable housing development in Asheville, with notable projects including "McCormick Heights," "Overlook Apts," and "Woodridge Apts" in 1998, followed by "Wind Ridge," "Crowell Square," and "Dunbar Place Apts" in 2001.
Asheville's LIHTC-funded housing stock comprises a diverse mix of unit types. Out of the 2,032 total units, there are 134 efficiencies, 784 one-bedroom units, 570 two-bedroom units, 241 three-bedroom units, and 19 four-bedroom units. This distribution caters to various household sizes and needs within the community.
Over the past decade, Asheville has experienced steady population growth, increasing from 87,251 in 2013 to 93,782 in 2022, a growth of about 7.5%. Median income in Asheville has risen significantly, from $42,558 in 2013 to $64,548 in 2022, representing a 51.7% increase. Despite this overall income growth, the continued development of LIHTC projects suggests a persistent need for affordable housing options for lower-income residents.
Racial demographics in Asheville have remained relatively stable over the past decade, with a slight increase in diversity. The white population has decreased marginally from 79% in 2013 to 78% in 2022, while the Hispanic population has grown from 6% to 8% during the same period. This gradual diversification may influence the need for culturally sensitive affordable housing options.
Asheville's LIHTC-funded affordable housing inventory represents a significant effort to address the housing needs of its low-income residents. With 2,032 total units, including 1,339 low-income units, the program covers about 5.7% of the city's estimated housing stock. The city has maintained a consistent commitment to affordable housing development over three decades, with notable growth in the late 1990s and early 2000s. Despite rising median incomes, the ongoing development of LIHTC projects indicates a continued need for affordable housing options in this growing and gradually diversifying city.
