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Affordable Housing in Elizabeth City: LIHTC Program's Impact on Urban Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Elizabeth City, North Carolina, a city with colonial roots, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This inventory comprises 396 total units, with 322 designated as low-income units. The LIHTC funded housing represents approximately 3.4% of the city's estimated housing inventory based on the 2022 population.
The city has received $1,821,438 in project tax credits through the LIHTC program, distributed across approximately 7 projects. This translates to an average federal funding of about $260,205 per project and approximately $4,600 per unit. Elizabeth City's share of the total state LIHTC funding is 0.42%, indicating its participation in statewide affordable housing initiatives.
The development of LIHTC funded affordable housing in Elizabeth City spans from 1989 to 2015, demonstrating a 26-year commitment to affordable housing. The 2000s and 2010s saw the most activity, with projects such as Renaissance Commons (2003), Walker Landing (2007), River's Edge at Elizabeth Crossing (2010), and Tooley Place (2015) being completed.
The LIHTC funded housing stock in Elizabeth City offers a range of unit types, including 116 one-bedroom units, 174 two-bedroom units, 61 three-bedroom units, and 8 four-bedroom units. This distribution accommodates various household sizes and needs within the community.
Demographic trends over the past decade show that Elizabeth City's population has increased from 27,388 in 2019 to 30,340 in 2022. The median income has fluctuated, moving from $55,585 in 2019 to $53,408 in 2022. Racial distribution has remained relatively stable, with a slight decrease in the White population (from 48% to 47%) and a small increase in the Hispanic population (from 7% to 8%) between 2019 and 2022.
In conclusion, Elizabeth City's LIHTC funded affordable housing inventory represents a significant effort to provide housing options for lower-income residents. The city has consistently participated in the LIHTC program for nearly three decades, resulting in a diverse range of housing units. While the LIHTC funded units cover a small percentage of the estimated housing inventory, they play an important role in the city's overall housing landscape. The demographic trends suggest a growing population with relatively stable income levels, potentially indicating an ongoing need for affordable housing options in the community.
