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Affordable Housing in Druid Hills South: Three Decades of LIHTC Investment
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Druid Hills South, a neighborhood in Charlotte, North Carolina, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 137 total units, all designated as low-income units. This affordable housing stock plays a substantial role in meeting the community's housing needs.
Based on the 2022 population of 1,376 and an estimated 527 housing units, the LIHTC funded affordable housing covers approximately 26% of the neighborhood's estimated housing inventory. This percentage indicates that LIHTC projects contribute significantly to the affordable housing options in Druid Hills South.
The LIHTC program has invested considerably in Druid Hills South, with project tax credits totaling $1,280,615. This translates to an average federal funding of about $9,347 per unit, demonstrating a substantial financial commitment to affordable housing in the area.
Affordable housing has been present in Druid Hills South for over three decades. The first LIHTC project, Duplex-Norris Avenue, was completed in 1989, while the most recent, The Gables At Druid Hills II, was finished in 2010. This 21-year span indicates a sustained effort to provide affordable housing options in the neighborhood.
The 2000s saw the most significant development of affordable housing in Druid Hills South. Two major projects, The Gables At Druid Hills and The Gables At Druid Hills II, were completed during this decade, adding a substantial number of units to the neighborhood's affordable housing inventory.
The LIHTC funded housing in Druid Hills South consists primarily of one-bedroom and two-bedroom units. Specifically, there are 96 one-bedroom units and 39 two-bedroom units. This unit mix suggests a focus on accommodating smaller households or individuals in need of affordable housing.
Over the past decade, Druid Hills South has experienced fluctuations in its population, with a general upward trend. The median income has shown significant growth, rising from $13,859 in 2013 to $23,498 in 2022. This increase in median income might indicate changing economic conditions in the neighborhood.
Racial demographics have also shifted during this period. The Black population, while remaining the majority, has decreased from 92% in 2019 to 77% in 2022. Conversely, the White population has increased from 5% to 17% during the same period. The Hispanic population has also grown, from 1% in 2020 to 6% in 2022.
These demographic changes, particularly the rising median income and increasing racial diversity, may influence future affordable housing needs and development in the neighborhood.
Druid Hills South has a significant LIHTC funded affordable housing presence, with 137 units covering about 26% of the estimated housing inventory. The neighborhood has benefited from LIHTC investments over three decades, with the most substantial development occurring in the 2000s. The housing stock primarily consists of one-bedroom and two-bedroom units, catering to smaller households. Recent years have seen increases in median income and racial diversity, which may impact future affordable housing needs in the neighborhood. These trends underscore the dynamic nature of affordable housing demands and the ongoing importance of programs like LIHTC in addressing community housing needs.
