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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Kings Mountain, North Carolina, has a distinct affordable housing landscape influenced by the Low-Income Housing Tax Credit (LIHTC) program. The city, with a population of 22,107 in 2022, has 309 total units in LIHTC-funded projects, including 191 low-income units. These units represent approximately 3.6% of the city's estimated 8,470 housing units.
Kings Mountain has received $1,104,112 in project tax credits for affordable housing through the LIHTC program. With about 7 projects, this amounts to an average of $157,730 in federal funding per project, or $3,573 per unit. The city holds 0.25% of North Carolina's total LIHTC funding, indicating a notable contribution to the state's affordable housing efforts.
The city's affordable housing development spans over three decades. The earliest LIHTC project, Sum-Kel Enterprises, was completed in 1987, and the most recent, Battle Forest Apartments, in 2018. The 2010s saw the most activity, with projects like Cleveland Ridge and Kings Falls completed during this period.
The LIHTC-funded housing stock in Kings Mountain offers a range of unit types. The inventory includes 83 one-bedroom, 156 two-bedroom, 53 three-bedroom, and 17 four-bedroom units, accommodating various household sizes and needs.
Kings Mountain's population has remained relatively stable over the past decade, fluctuating between 21,000 and 22,000 residents. The median income has shown an overall upward trend, increasing from $43,296 in 2013 to $46,017 in 2022, with some fluctuations in between. This rise in median income may indicate a growing need for affordable housing options to support lower-income residents.
Racial demographics in Kings Mountain have shifted slightly. The white population decreased from 80% in 2013 to 74% in 2022, while the Black population increased from 15% to 18%, and the Hispanic population grew from 1% to 4%. This diversification of the population may contribute to a more varied demand for affordable housing options.
Kings Mountain's LIHTC-funded affordable housing inventory represents a small but significant portion of its housing stock. The city has consistently invested in affordable housing over three decades, with the most recent project completed in 2018. The diverse unit types available cater to various household sizes, reflecting the changing demographics of the city. The LIHTC program has made a notable contribution to Kings Mountain's affordable housing landscape, and the city's growing median income and increasing diversity suggest an ongoing need for affordable housing options to ensure a balanced and inclusive community.