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Affordable Housing in Carthage, North Carolina: 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
Carthage, a town in North Carolina, has implemented Low-Income Housing Tax Credit (LIHTC) funded affordable housing. As of 2022, the town's population was 7,924. The LIHTC program has funded 38 affordable housing units in Carthage, all of which are designated as low-income units. These units represent approximately 1.25% of the town's estimated housing inventory of 3,036 units.
Carthage has received $200,533 in project tax credits through the LIHTC program. With two approximate projects, this averages $100,266.50 in federal funding per project. The average federal funding per unit is $5,277.18. Carthage holds 0.05% of the total state LIHTC funding, contributing to North Carolina's affordable housing efforts.
The LIHTC-funded affordable housing in Carthage spans three years, from 1997 to 2000. The first project, Jackson Terrace, was completed in 1997, and the most recent, Jackson Terrace II, was finished in 2000. This period marks the beginning of LIHTC-supported affordable housing initiatives in the town.
The affordable housing inventory in Carthage consists of 30 one-bedroom apartments and 8 two-bedroom units, totaling 38 units. This distribution suggests a focus on housing for smaller households or individuals.
Demographic trends over the last decade show that Carthage experienced a slight population growth, increasing from 7,749 in 2015 to 7,924 in 2022. The median income rose from $44,311 in 2015 to $59,540 in 2022, potentially indicating a reduced need for additional affordable housing in recent years.
The racial composition of Carthage has remained relatively stable, with a predominantly white population (77% in 2022). The Black population decreased from 16% in 2015 to 12% in 2022, while the Hispanic population increased from 3% to 4% during the same period.
In conclusion, Carthage's LIHTC-funded affordable housing inventory provides a foundation for addressing low-income housing needs. The town's allocation of state credits and the distribution of unit types reflect efforts to cater to specific housing requirements. The absence of recent LIHTC projects, combined with rising median incomes, suggests a potential shift in housing needs over the past decade. Ongoing monitoring of demographic trends and housing affordability will be essential for future planning and development decisions in Carthage.
