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Affordable Housing in Beaufort, NC: LIHTC's Impact on Coastal Community
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Beaufort, North Carolina, a coastal town, has utilized the Low-Income Housing Tax Credit (LIHTC) program to provide affordable housing. The LIHTC-funded affordable housing inventory in Beaufort consists of 131 units, all designated as low-income. This inventory represents approximately 5.6% of the city's estimated 2,327 housing units.
Beaufort has received $1,004,830 in project tax credits through the LIHTC program. With four projects, the average federal funding per project is $251,207, and the average federal funding per unit is $7,670. Beaufort's LIHTC funding represents 0.23% of the total state funding for such projects in North Carolina.
The LIHTC program in Beaufort spans from 1989 to 2014, with Eagle's Bay Apartments being the first project and Beaufort Spring the most recent. The 2000s saw the most activity in affordable housing development, with two projects completed: Troon Apartments in 2000 and Beaufort Manor Apartments in 2006.
The LIHTC projects in Beaufort offer a variety of housing options. The inventory includes 60 one-bedroom units, 57 two-bedroom units, and 14 three-bedroom units, catering to different household sizes within the low-income population.
Demographic trends over the last decade show that Beaufort's population has remained relatively stable, with a slight increase from 5,910 in 2015 to 6,074 in 2022. The median income has shown modest growth, rising from $43,415 in 2015 to $44,038 in 2022. Racial distribution has remained fairly consistent, with a predominantly white population (77% in 2022) and a slight decrease in the Black population from 17% in 2015 to 14% in 2022.
Beaufort's LIHTC-funded affordable housing inventory provides a foundation for addressing low-income housing needs. The town has maintained a consistent approach to affordable housing development over the past three decades. While the current inventory covers a portion of the estimated housing needs, there may be opportunities for further expansion to meet the target percentage for a well-balanced community. The demographic trends suggest a stable population with modest income growth, which may influence future affordable housing needs in Beaufort.
