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Affordable Housing in Edgemont: LIHTC's Impact on Durham Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Edgemont, a neighborhood in Durham, North Carolina, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 298 total units, with 243 designated as low-income units. Based on the 2022 population of 2,464 and an estimated housing inventory of 944 units, LIHTC funded affordable housing accounts for approximately 31.6% of the neighborhood's estimated housing stock. This percentage indicates that LIHTC projects play a substantial role in providing affordable housing options in Edgemont.
The LIHTC program has invested $2,307,070 in tax credits for affordable housing projects in Edgemont. This equates to an average federal funding of approximately $7,741 per unit across all LIHTC-funded projects in the neighborhood. Affordable housing has been a component of Edgemont's landscape for over three decades. The first LIHTC project, Clements Duplex, was completed in 1987, while the most recent addition, Franklin Village, was constructed in 2008. This 21-year span demonstrates a sustained commitment to affordable housing in the neighborhood.
The 2000s witnessed the most significant development of affordable housing in Edgemont, with three projects completed during this decade: Calvert Place and Morning Glory Senior Village in 2005, and Franklin Village in 2008. The LIHTC-funded housing stock in Edgemont offers a diverse range of unit sizes. The inventory includes 26 one-bedroom units, 177 two-bedroom units, 88 three-bedroom units, and 1 four-bedroom unit. This distribution suggests a focus on accommodating various household sizes, with a particular emphasis on families requiring two or three-bedroom homes.
Over the past decade, Edgemont has experienced notable demographic shifts. The population has shown fluctuations, with a general upward trend from 2,048 in 2020 to 2,464 in 2022. Median income has also increased, rising from $21,380 in 2020 to $20,585 in 2022, with a peak of $28,122 in 2021.
Racial demographics have also evolved. The Black population has decreased from 71% in 2020 to 69% in 2022, while the Hispanic population has remained relatively stable, moving from 19% to 19% during the same period. The White population has seen a slight increase from 9% to 10%. These demographic changes, particularly the increase in median income and slight shifts in racial composition, may reflect broader neighborhood changes. However, the continued presence of a significant percentage of affordable housing suggests an ongoing need for such units in Edgemont.
Edgemont's LIHTC-funded affordable housing inventory plays a crucial role in the neighborhood's housing landscape, covering nearly a third of the estimated housing stock. The long-term presence of affordable housing, spanning from 1987 to 2008, demonstrates a sustained commitment to providing low-income housing options. The diverse range of unit sizes caters to various household needs, with a focus on two and three-bedroom units. While recent years have seen increases in population and median income, along with slight shifts in racial demographics, the substantial presence of affordable housing suggests its continued importance in meeting the community's housing needs.
