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Affordable Housing in Cornelius: LIHTC Funding and Demographic Trends
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Cornelius, North Carolina, has a population of 31,518 as of 2022. The city possesses 180 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units, all of which are designated as low-income units. Based on the estimated housing inventory of 12,076 units, the LIHTC-funded affordable housing comprises approximately 1.49% of the city's housing stock.
Cornelius has received $1,974,245 in LIHTC funding for affordable housing projects. With two approximate projects, this equates to an average of $987,123 in federal funding per project. The average federal funding per unit is $10,968. Cornelius accounts for 0.45% of North Carolina's total LIHTC funding.
The initial LIHTC project in Cornelius, Antiquity Heights, was completed in 2012, while the most recent project, Renaissance At Antiquity, was finished in 2015. This indicates that affordable housing has been present in the city for at least a decade. The 2010s experienced the most affordable housing development in Cornelius.
The LIHTC-funded housing inventory in Cornelius consists of 7 one-bedroom units, 91 two-bedroom units, and 19 three-bedroom units. This distribution suggests a focus on accommodating small to medium-sized families.
Over the past decade, Cornelius has experienced steady population growth, increasing from 23,845 in 2010 to 31,518 in 2022. The median income has also risen, from $91,379 in 2013 to $105,957 in 2022, indicating overall economic growth in the city.
The racial composition of Cornelius has remained relatively stable, with a slight decrease in the white population from 84% in 2013 to 83% in 2022. The Black population increased from 5% to 5%, while the Hispanic population remained steady at 6%. The Asian population grew slightly from 2% to 3%.
Cornelius has a small but present LIHTC-funded affordable housing inventory, covering 1.49% of the estimated housing stock. The city has received nearly $2 million in LIHTC funding, distributed across two projects completed in the 2010s. While the population and median income have grown over the past decade, the racial composition has remained relatively stable. The affordable housing units primarily cater to small and medium-sized families, with a majority of two-bedroom units.
