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Affordable Housing in Foxcroft: A Decade of LIHTC Impact Amidst Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Foxcroft, a neighborhood in Charlotte, North Carolina, has a distinct composition of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 125 LIHTC units, with 41 designated as low-income units. Based on the 2022 population of 6,749 and the national average household size of 2.61, the estimated number of housing units in Foxcroft is approximately 2,586. LIHTC funded affordable housing represents about 4.8% of the estimated housing inventory in the neighborhood.
The LIHTC program has made a notable investment in Foxcroft's affordable housing, with total project tax credits amounting to $593,480. This equates to an average federal funding of $4,748 per unit across all LIHTC-funded projects in the area. The implementation of LIHTC-funded affordable housing in Foxcroft began in 2008 with the completion of Springcroft. The most recent project, Ashley Park, was completed in 2010, indicating over a decade of affordable housing presence in the neighborhood.
The affordable housing inventory in Foxcroft is varied, comprising 125 units across LIHTC-funded projects. The distribution includes 11 one-bedroom units, 105 two-bedroom units, and 9 three-bedroom units. This composition suggests a focus on accommodating small to medium-sized families.
Foxcroft has undergone significant demographic changes over the past decade. The population increased from 5,295 in 2019 to 6,749 in 2022, a growth of approximately 27%. Concurrently, the median income rose from $137,574 in 2019 to $144,194 in 2022, indicating increasing affluence in the neighborhood.
Racial demographics in Foxcroft have also evolved. The white population has remained relatively stable, constituting 75% of the neighborhood in 2022, a slight decrease from 82% in 2019. The Asian population has experienced a notable increase, rising from 4% in 2019 to 12% in 2022. The Black population has decreased slightly from 10% to 8% during the same period.
Despite these demographic shifts, no new LIHTC projects have been developed in Foxcroft since 2010. This absence of new developments may be related to the rising median income and changing racial composition, potentially indicating a shift in housing needs or priorities within the neighborhood.
Foxcroft's LIHTC-funded affordable housing inventory, while modest in size, contributes to the neighborhood's housing landscape. The two LIHTC projects, completed in 2008 and 2010, provide 125 units, with 41 specifically designated for low-income residents. This accounts for about 4.8% of the estimated housing stock. The neighborhood has experienced significant population growth and increasing affluence over the past decade, along with shifts in racial composition. These demographic changes may influence future affordable housing needs and development in Foxcroft.
