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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Beatties Ford-Trinity neighborhood in Charlotte, North Carolina, contains a notable amount of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 76 units, all of which are designated as low-income units. This affordable housing stock represents approximately 6.17% of the total estimated housing inventory of 1,232 units in the neighborhood. While this contribution is significant, it falls below the typical target of 15-20% affordable housing in a balanced community.
The LIHTC program has invested $545,855 in tax credits for affordable housing projects in this neighborhood. This equates to an average federal funding of $7,182 per unit, indicating a substantial financial commitment to affordable housing in the area. The neighborhood's LIHTC funded affordable housing inventory consists of one project, Montgomery Gardens, completed in 2006. This project has provided affordable housing options in the Beatties Ford-Trinity neighborhood for over 15 years.
Montgomery Gardens' unit distribution includes 56 two-bedroom units and 2 three-bedroom units. This configuration suggests a focus on accommodating small to medium-sized families in the affordable housing inventory. The presence of this LIHTC project contributes to the neighborhood's housing diversity and affordability options.
The Beatties Ford-Trinity neighborhood has experienced demographic changes over the past decade. The population has decreased from 4,978 in 2014 to 3,215 in 2022. Concurrently, the median income has declined from $51,653 in 2014 to $39,814 in 2022. Racial demographics have remained relatively stable, with the Black population consistently representing the majority. However, there has been a slight increase in Hispanic representation, from 9% in 2014 to 15% in 2022, while the White population has decreased from 11% to 5% during the same period.
These demographic trends, particularly the declining population and median income, indicate an ongoing need for affordable housing options in the neighborhood. The existing LIHTC project, while contributing to the affordable housing stock, may need supplementation with additional affordable housing initiatives to meet the evolving needs of the community.
In summary, the Beatties Ford-Trinity neighborhood's LIHTC funded affordable housing inventory, centered around the Montgomery Gardens project, provides 76 low-income units, covering about 6.17% of the estimated housing stock. This contribution, while significant, may not fully meet the affordable housing needs of the community. The demographic trends underscore the importance of continued focus on affordable housing initiatives in this neighborhood. The LIHTC program's investment of $545,855 in tax credits demonstrates a commitment to addressing these housing needs, but ongoing assessment and potential expansion of affordable housing options may be necessary to fully serve the community's evolving demographics.