Chapel Hill has experienced population fluctuations over the past decade, with a general upward trend from 4,210 in 2010 to 5,094 in 2022. The median income has also shown an overall increase, rising from $60,796 in 2013 to $68,008 in 2022. This trend may indicate a growing need for affordable housing options as the cost of living potentially increases.

Regarding racial demographics, Chapel Hill has maintained a predominantly white population, consistently above 90% throughout the past decade. There has been a slight increase in diversity, with small increases in the Black, Hispanic, and multiracial populations. This demographic stability may explain why there has not been a significant expansion of LIHTC-funded projects in recent years.

Chapel Hill's LIHTC-funded affordable housing inventory consists of a single project, the Spring Creek Apartments, which has served the community since 1991. While the 24 low-income units represent a small percentage of the estimated housing inventory, they provide valuable affordable housing options for the community. The city's demographic trends, including population growth and increasing median income, suggest a potential need for additional affordable housing options in the future. However, the relative stability in racial demographics and the small percentage of state LIHTC funding allocated to Chapel Hill indicate that the current affordable housing needs may be adequately addressed through this and potentially other housing programs.