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Affordable Housing in Charlotte, Michigan: A Modest LIHTC-Funded Inventory
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Charlotte, Michigan, a city with a population of 11,364 as of 2022, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprising 88 total units, of which 51 are designated as low-income units. This represents approximately 2% of the city's estimated housing inventory of 4,354 units.
The LIHTC program has provided Charlotte with $688,586 in project tax credits, distributed across approximately 3 projects. This results in an average of $229,529 per project and $7,825 in federal funding per unit. Charlotte's share of the total state LIHTC funding for Michigan is 0.23%.
The affordable housing landscape in Charlotte spans at least 15 years, with the earliest known LIHTC project being the Sugar Mill Senior Citizen Apartments, completed in 2004. The most recent development, The Edmond Senior Apartments, was completed in 2019, adding 40 units to the city's affordable housing inventory, including 12 one-bedroom and 28 two-bedroom units.
In total, LIHTC funded projects in Charlotte provide 56 one-bedroom units and 32 two-bedroom units, suggesting a focus on housing for smaller households and potentially seniors.
Charlotte's population has remained relatively stable over the past decade, with a slight decrease from 11,812 in 2010 to 11,364 in 2022. The median income has shown an overall upward trend, increasing from $50,535 in 2013 to $62,692 in 2022, indicating a changing economic landscape in the city.
Racial demographics have remained largely consistent, with the white population comprising the majority at around 89-91% throughout the decade. A slight increase in diversity has been observed, with small growths in Hispanic and multiracial populations.
The completion of The Edmond Senior Apartments in 2019 aligns with the city's demographic trends, potentially addressing housing needs for an aging population as incomes have risen.
Charlotte's LIHTC funded affordable housing inventory, while modest in size, has seen recent growth with the addition of The Edmond Senior Apartments in 2019. The city's share of state LIHTC funding is relatively small at 0.23%, but it has managed to provide a mix of one and two-bedroom units that may cater to smaller households and seniors. As the city's demographics show a stable population with increasing median income, the LIHTC projects appear to be addressing specific housing needs within the community.
