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Affordable Housing in Charleston's 29414 Zip Code: Low-Income Housing Tax Credit Analysis
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 29414 in Charleston, South Carolina, is characterized by a growing population and a modest affordable housing inventory funded by the Low-Income Housing Tax Credit (LIHTC) program. As of 2022, the population in this zip code was estimated at 41,702. The LIHTC program has funded 131 affordable housing units in this area, all of which are designated as low-income units. These LIHTC-funded units represent approximately 0.82% of the zip code's estimated housing inventory of 15,978 units.
The LIHTC program has invested $1,089,800 in tax credits for affordable housing projects in zip code 29414. This investment results in an average federal funding of about $8,319 per unit. The zip code accounts for 0.28% of South Carolina's total LIHTC funding, indicating a small but notable contribution to the state's affordable housing efforts.
Affordable housing has been present in this zip code for over two decades. The initial LIHTC project, Grand Oak Apartments, was completed in 2000, while the most recent, Grandview Apartments, was finished in 2011. The 2010s marked the most recent period of affordable housing development in this area.
The LIHTC-funded housing inventory in zip code 29414 consists primarily of one-bedroom and two-bedroom units. There are 94 one-bedroom units and 37 two-bedroom units, providing a range of housing options for different household sizes.
Over the past decade, zip code 29414 has experienced significant population growth, increasing from 29,734 in 2010 to 41,702 in 2022, representing a 40% increase. This growth suggests an increasing demand for housing in the area. The median income has also shown an overall upward trend, rising from $70,391 in 2013 to $75,481 in 2022, with some fluctuations in between.
The racial composition of zip code 29414 has remained relatively stable. The white population decreased slightly from 73% in 2013 to 73% in 2022, and the Black population decreased from 20% in 2013 to 16% in 2022. There have been slight increases in Asian and Hispanic populations, as well as those identifying as two or more races.
The absence of new LIHTC projects since 2011 may be attributed to the rising median income in the area, potentially reducing the perceived need for additional low-income housing. However, the growing population might indicate an increasing demand for affordable housing options.
Zip code 29414 in Charleston, South Carolina, has a modest LIHTC-funded affordable housing inventory, comprising less than 1% of its estimated housing stock. The area has experienced significant population growth and income increases over the past decade, which may influence future affordable housing needs. While no new LIHTC projects have been developed since 2011, the existing units provide a mix of one-bedroom and two-bedroom options for low-income residents. As the community continues to evolve, ongoing assessment of affordable housing needs will be crucial to ensure a balanced housing market for all income levels.
