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Affordable Housing in Huntersville: LIHTC Funding and 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
Huntersville, a town in North Carolina, has a population of 66,156 as of 2022. The city has 264 units in LIHTC-funded affordable housing projects, with 226 designated as low-income units. Based on the estimated housing inventory of 25,347 units, LIHTC-funded affordable housing comprises approximately 1.04% of the city's housing stock.
Huntersville has received $1,321,051 in project tax credits through the LIHTC program. With three projects, this translates to an average federal funding of $440,350 per project. When divided by the total units, it amounts to about $5,004 per unit in federal funding. Huntersville holds 0.3% of North Carolina's total LIHTC funding, indicating a small portion of the state's affordable housing resources.
The city's LIHTC-funded affordable housing spans nearly three decades, with the first project, Deer Hill II, completed in 1989, and the most recent, Bellamoor At The Park, finished in 2018. The 1990s saw the completion of Parkview Apartments in 1998, representing the decade with the most affordable housing projects completed.
The affordable housing inventory in Huntersville consists of 67 one-bedroom units, 161 two-bedroom units, and 36 three-bedroom units. There are no efficiencies or four-bedroom units in the LIHTC-funded projects.
Over the past decade, Huntersville has experienced significant population growth, increasing from 52,216 in 2013 to 66,156 in 2022. This 26.7% population increase suggests a growing demand for housing, including affordable options. The median income in Huntersville has also risen, from $97,189 in 2013 to $107,618 in 2022, indicating overall economic growth.
Racial demographics have shifted slightly, with the white population decreasing from 80% in 2013 to 71% in 2022. Conversely, there have been modest increases in Black (10% to 14%), Asian (2% to 4%), and Hispanic (4% to 7%) populations. This growing diversity might indicate a need for varied housing options to accommodate different cultural preferences and family sizes.
The completion of Bellamoor At The Park in 2018, adding 116 low-income units, aligns with the town's population growth and increasing diversity, suggesting a response to changing demographic needs.
Huntersville's LIHTC-funded affordable housing inventory, while modest at 1.04% of the estimated housing stock, has evolved over three decades to address changing needs. The town has seen significant population growth and increasing diversity, which may drive future demand for affordable housing. The most recent LIHTC project in 2018 added a substantial number of units, potentially responding to these demographic shifts. As Huntersville continues to grow and diversify, ongoing assessment of affordable housing needs will be crucial to ensure adequate housing options for all residents.
