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Affordable Housing in Hendersonville: A 14-Year LIHTC Journey
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Hendersonville, a city in North Carolina, has a significant LIHTC-funded affordable housing inventory. The city's LIHTC program has contributed to its affordable housing stock, with 204 total units, including 132 low-income units. Based on an estimated housing inventory of 8,515 units, LIHTC-funded affordable housing comprises approximately 2.4% of the city's housing stock.
Hendersonville has received $1,754,140 in project tax credits through the LIHTC program. With five projects, this equates to an average federal funding of $350,828 per project and $8,599 per unit. The city holds 0.4% of the total state LIHTC funding, indicating a modest contribution to North Carolina's affordable housing efforts.
The LIHTC program has been active in Hendersonville for over a decade. The first project, Hillside Commons, was completed in 2003, and the most recent, Cedar Terrace, in 2017. This 14-year span demonstrates a sustained commitment to affordable housing development in the city. The 2000s saw the most affordable housing projects completed, with three projects: Hillside Commons (2003), Highland View Apartments (2006), and Sugar Hill Apartments (2007).
The LIHTC-funded projects in Hendersonville offer a range of unit types. Of the 204 total units, 63 are one-bedroom, 103 are two-bedroom, and 38 are three-bedroom units, providing options for various household sizes and needs.
Over the past decade, Hendersonville's population has grown from 19,686 in 2010 to 22,224 in 2022, indicating an increase in housing demand. The median income has risen from $41,644 in 2013 to $45,972 in 2022, suggesting a potential need for continued affordable housing options. The racial composition has remained relatively stable, with a slight increase in diversity. The white population decreased from 77% in 2013 to 78% in 2022, while the Hispanic population decreased from 12% to 10% during the same period.
Hendersonville's LIHTC-funded affordable housing inventory addresses the city's housing needs. With 204 total units and 132 low-income units, the program contributes to about 2.4% of the estimated housing stock. The city has received federal funding, averaging $350,828 per project and $8,599 per unit. The LIHTC program has been active in Hendersonville for over a decade, with projects from 2003 to 2017. The demographic trends, including population growth and income changes, suggest an ongoing need for affordable housing options in the city.
