Loading Content...
Affordable Housing in Durham's Central Park: A Three-Decade Presence Amid Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Central Park, a neighborhood in Durham, North Carolina, contains a small number of Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. The neighborhood has 4 affordable units, all of which are designated as low-income. Based on the 2022 population of 393 and using the national average household size, the estimated housing inventory is approximately 151 units. The LIHTC funded affordable housing represents about 2.65% of the neighborhood's estimated housing inventory.
The LIHTC program has provided $11,090 in tax credits for affordable housing in Central Park. This amounts to an average federal funding of $2,772.50 per unit. The neighborhood's affordable housing inventory consists of a single project, Hopkins Street Apts, completed in 1992. This indicates that affordable housing has been present in Central Park for over three decades.
All 4 units in the LIHTC funded project are two-bedroom apartments, suggesting a focus on accommodating small families or couples. The project does not have a specified target population, indicating it may serve a general low-income demographic.
Over the last decade, Central Park has experienced significant demographic shifts. The population has grown from 258 in 2013 to 393 in 2022, a 52% increase. Median income has risen substantially, from $67,022 in 2013 to $103,107 in 2022, representing a 54% increase.
Racial demographics have also changed notably. The white population percentage increased from 62% in 2013 to 74% in 2022, while the black population decreased from 21% to 9% during the same period. The Hispanic population has remained relatively stable, fluctuating between 0% and 8% over the years.
These demographic trends, particularly the significant increase in median income, may explain why no new LIHTC projects have been developed in the neighborhood since 1992. The rising income levels suggest that the need for additional low-income housing may have decreased over time.
Central Park's LIHTC funded affordable housing inventory, while small, has been a consistent presence since 1992. The single project provides 4 two-bedroom units, covering about 2.65% of the estimated housing inventory. The neighborhood has experienced substantial population growth and income increase over the past decade, accompanied by significant shifts in racial demographics. These changes, particularly the rising median income, may have influenced the lack of new LIHTC developments in recent years. The existing affordable housing continues to play a role in the neighborhood's housing mix, even as the overall economic profile of the area has evolved.
