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Affordable Housing in Boiling Springs: Single LIHTC Project Serves Small Town for Three Decades
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Boiling Springs, North Carolina, has a total of 24 affordable housing units funded through the Low-Income Housing Tax Credit (LIHTC) program. These units constitute the entirety of the town's LIHTC-funded affordable housing inventory. Based on an estimated housing inventory of 3,325 units for the 2022 population, LIHTC-funded affordable housing represents approximately 0.72% of the city's housing stock.
The town has received $38,178 in project tax credits through the LIHTC program. With one project, this equates to an average federal funding of $38,178 per project and $1,591 per unit. Boiling Springs accounts for about 0.01% of North Carolina's total LIHTC funding.
The Wood Creek Apartments, completed in 1993, is the only LIHTC-funded project in Boiling Springs. This development has provided affordable housing in the town for nearly three decades. The 24-unit project consists of 23 one-bedroom units and 1 two-bedroom unit, primarily serving smaller households or individuals.
Boiling Springs has experienced population fluctuations over the past decade, with a peak of 8,925 residents in 2018 and a decline to 8,678 by 2022. The median income has also varied, reaching $59,278 in 2019 before decreasing to $48,912 in 2022. This recent decline in median income may indicate an increased need for affordable housing options.
Racial demographics have changed slightly, with the white population decreasing from 90% in 2017 to 78% in 2022. Concurrently, there have been modest increases in Black, Hispanic, and multiracial populations. These demographic shifts may signal changing housing needs within the community.
Despite these demographic changes, no new LIHTC projects have been developed in Boiling Springs since 1993. This could be attributed to various factors, including limited funding allocation or changes in local housing priorities.
Boiling Springs' LIHTC-funded affordable housing inventory has been a consistent part of the town's housing landscape for nearly 30 years. The Wood Creek Apartments provide 24 units of affordable housing, primarily consisting of one-bedroom units. Recent demographic trends, including a decline in median income and increasing diversity, suggest that the need for affordable housing may be growing. However, the absence of new LIHTC developments in recent years indicates that other factors may be influencing affordable housing development in the town.
