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Affordable Housing in Biscoe, NC: LIHTC Funding and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Biscoe, a town in North Carolina, maintains a modest Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The town has 48 total affordable units, all of which are designated as low-income units. This LIHTC-funded housing comprises approximately 2.23% of the estimated 2,149 housing units in Biscoe, based on the 2022 population and national average household size.
Biscoe received $377,260 in LIHTC funding for affordable housing. With one approximate project, this translates to an average federal funding of $377,260 per project and $7,859.58 per unit. The town holds 0.09% of North Carolina's total LIHTC funding, indicating a relatively small portion of the state's affordable housing resources.
The sole LIHTC project in Biscoe, Emerald Forest Apartments, was completed in 2014. This project marks the beginning of LIHTC-funded affordable housing in the town, providing a foundation for addressing low-income housing needs for nearly a decade.
Emerald Forest Apartments offers a mix of unit sizes to accommodate various household compositions. The project includes 28 two-bedroom units, 16 three-bedroom units, and 4 four-bedroom units. This distribution suggests a focus on accommodating families and larger households within the affordable housing inventory.
Analyzing demographic trends over the past decade reveals patterns in Biscoe. The population has shown modest growth, increasing from 5,252 in 2013 to 5,609 in 2022. Median income has experienced fluctuations, rising from $29,189 in 2013 to a peak of $52,683 in 2019, before settling at $45,515 in 2022. This overall increase in median income may indicate changing economic conditions in the town.
Racial demographics in Biscoe have shifted. The Hispanic population has grown from 26% in 2013 to 38% in 2022. The white population has decreased from 63% to 48% during the same period. The Black population has remained relatively stable at around 8-9%. These demographic changes may influence the ongoing need for affordable housing options in the community.
In summary, Biscoe's LIHTC-funded affordable housing inventory provides a resource for low-income residents. The single project, Emerald Forest Apartments, offers a range of unit sizes to accommodate diverse household needs. The town's changing demographics and fluctuating median income levels underscore the importance of continued attention to affordable housing needs in Biscoe.
