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Affordable Housing in Lake Lure: LIHTC's Impact on a Small North Carolina Town
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lake Lure, a town in North Carolina, has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project, Lake Vista Apartments, provides 32 affordable units, all designated as low-income units. The LIHTC-funded affordable housing comprises approximately 3.22% of the town's estimated 993 housing units.
Lake Lure has received $260,964 in project tax credits for affordable housing through the LIHTC program. This translates to an average federal funding of $260,964 per project and $8,155 per unit. The town holds 0.06% of North Carolina's total LIHTC funding, indicating a small share of the state's affordable housing resources.
Lake Vista Apartments, completed in 2006, is the only LIHTC-funded project in Lake Lure. This project has provided affordable housing options to the community for over 15 years. All 32 units in the project are two-bedroom apartments, suitable for small families or individuals requiring additional space.
Lake Lure's population has decreased from 2,650 in 2010 to 2,591 in 2022. Despite this slight population decline, the median income has increased from $49,088 in 2013 to $55,337 in 2022. This increase in median income may suggest a reduced need for additional affordable housing units in recent years.
The racial composition of Lake Lure has remained relatively stable, with the white population consistently representing over 90% of residents. There has been a slight increase in diversity, with small increases in the Black and Hispanic populations, and a consistent presence of residents identifying as two or more races.
Lake Lure's affordable housing landscape is characterized by a single LIHTC-funded project, Lake Vista Apartments, which provides 32 two-bedroom units for low-income residents. This project covers a small percentage of the town's estimated housing inventory but has been a consistent source of affordable housing for over 15 years. The town's demographic trends, including a slight population decrease and increasing median income, may influence the current demand for affordable housing. Ongoing assessment of affordable housing needs will be crucial to ensure adequate support for low-income residents as Lake Lure continues to evolve.
