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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Kernersville, a town in North Carolina, possesses a distinct Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The town has a total of 594 units in LIHTC-funded projects, with 549 of these designated as low-income units. Based on the 2022 population of 43,799 and an estimated 16,781 housing units, the LIHTC-funded affordable housing comprises approximately 3.5% of the town's estimated housing inventory.
Kernersville has received $1,898,782 in project tax credits for affordable housing through the LIHTC program. With approximately 7 projects, this equates to an average of $271,255 in federal funding per project, or $3,197 per unit. The town holds 0.44% of North Carolina's total LIHTC funding.
The initial LIHTC-funded projects in Kernersville, Robinwood Apartments and Village East Apartments, were completed in 1989. The most recent project, Friar Woods Apartments, was completed in 2016, indicating a 27-year span of affordable housing development in the town. The 1980s and early 1990s experienced the most affordable housing activity, with three projects completed between 1989 and 1990.
The LIHTC-funded housing stock in Kernersville consists primarily of one-bedroom (131 units) and two-bedroom (320 units) apartments, with a smaller number of three-bedroom units (72). This distribution indicates a focus on housing for smaller families and individuals.
Over the past decade, Kernersville's population has grown steadily, increasing from 39,303 in 2013 to 43,799 in 2022. During this period, the median income has also risen, from $60,506 in 2013 to $66,748 in 2022. The racial composition of the town has become slightly more diverse, with the white population decreasing from 77% in 2013 to 68% in 2022, while the Black and Hispanic populations have increased marginally.
Despite this growth and demographic shift, there have been no new LIHTC projects since 2016. This could be attributed to various factors, including changes in local housing policies, shifts in funding priorities, or potentially a perception that the existing affordable housing stock is sufficient for current needs.
Kernersville's LIHTC-funded affordable housing inventory represents a small but significant portion of its housing stock. The town has experienced consistent development of affordable housing over nearly three decades, with a focus on one and two-bedroom units. While the population and median income have grown in recent years, and the racial composition has become more diverse, new LIHTC projects have not been developed since 2016. This analysis provides insights into Kernersville's affordable housing landscape, but it is important to note that other affordable housing programs may also contribute to meeting the town's low-income housing needs.