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Affordable Housing in Belhaven, NC: LIHTC's Significant Impact on a Coastal Town
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Belhaven, North Carolina, a small coastal town with a population of 1,658 in 2022, has a notable affordable housing landscape shaped by the Low-Income Housing Tax Credit (LIHTC) program. The LIHTC program has funded 90 low-income units in Belhaven, representing approximately 14.2% of the town's estimated 635 total housing units. This indicates a substantial presence of affordable housing in the community.
Belhaven has received $302,322 in LIHTC funding for affordable housing projects. With three approximate projects, this translates to an average of $100,774 per project. The average federal funding per unit is $3,359. Belhaven accounts for 0.07% of North Carolina's total LIHTC funding, which is significant for a town of its size.
The town's LIHTC-funded housing history spans over a decade, with the first project, Pungo Village, completed in 1991, and the most recent, Rio Del Mar, in 2004. The 1990s saw the most activity in affordable housing development, with two out of the three projects completed during this decade.
Belhaven's LIHTC-funded housing inventory consists of a diverse mix of unit types. The breakdown includes 38 one-bedroom units, 32 two-bedroom units, 16 three-bedroom units, and 4 four-bedroom units. This variety caters to different household sizes and needs within the low-income population.
Demographic trends over the past decade reveal some interesting patterns. Belhaven's population has fluctuated, showing a decline from 2,146 in 2019 to 1,658 in 2022. The median income has remained relatively stable, ranging from $33,016 in 2018 to $34,193 in 2022. Racial demographics have shifted slightly, with the Black population decreasing from 53% in 2019 to 41% in 2022, while the Hispanic population increased from 5% to 14% during the same period.
Despite the absence of new LIHTC projects in the last decade, the existing affordable housing stock continues to play a crucial role in Belhaven. The demographic changes, particularly the slight decrease in population and the shift in racial composition, may influence future affordable housing needs in the town.
In summary, Belhaven's LIHTC-funded affordable housing inventory represents a significant portion of its estimated housing stock. The town has benefited from federal funding to create a diverse range of affordable units over the years. While no new LIHTC projects have been developed recently, the existing inventory continues to serve the community's low-income residents. As Belhaven's demographics evolve, ongoing assessment of affordable housing needs will be crucial to ensure the town maintains an adequate supply for its residents.
