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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Eden, North Carolina, maintains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 488 total units in LIHTC funded projects, with 398 designated as low-income units. Based on the 2022 population of 19,088 and an estimated 7,313 housing units, LIHTC funded affordable housing comprises approximately 6.7% of the city's estimated housing inventory.
Eden has received $2,843,340 in project tax credits for affordable housing through the LIHTC program. With approximately 9 projects, this equates to an average of $315,926 in federal funding per project. The average federal funding per unit is $5,826, considering the total 488 units in LIHTC funded projects. Eden holds 0.65% of the total state LIHTC funding.
The city's LIHTC funded affordable housing development spans from 1988 to 2018, a period of 30 years. The first project, Parkland Apts, was completed in 1988, while the most recent project, Ashton Way, was finished in 2018. The 2010s saw the most affordable housing projects completed, with three projects: Stone Creek Apartments (2013), Eden Chase Apartments (2016), and Ashton Way (2018).
The LIHTC funded housing in Eden offers a range of unit types. There are 160 one-bedroom units, 226 two-bedroom units, 84 three-bedroom units, and 9 four-bedroom units. This distribution accommodates various family sizes and household compositions.
Over the last decade, Eden's population has shown a slight decline, from 19,515 in 2019 to 19,088 in 2022. However, the median income has increased from $40,606 in 2019 to $43,411 in 2022. This income growth may indicate an improving economic situation for some residents, but could also suggest a growing income disparity that maintains the need for affordable housing.
Regarding racial demographics, the city has maintained a relatively stable composition. The white population has decreased slightly from 68% in 2019 to 66% in 2022, while the Black population has increased from 21% to 24% in the same period. The Hispanic population has remained relatively stable at around 5-7%. These minor shifts in demographics suggest a consistent need for diverse and inclusive affordable housing options.
Eden's LIHTC funded affordable housing inventory represents a significant contribution to the city's housing landscape, covering approximately 6.7% of the estimated housing stock. The city has consistently developed affordable housing projects over three decades, with a particular focus in the 2010s. The diverse range of unit types caters to various household sizes. While the population has slightly declined, rising median incomes and subtle shifts in racial demographics indicate an ongoing need for affordable housing options to ensure equitable access to housing for all residents.