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Affordable Housing in Laurel Park: LIHTC Impact on a Growing Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Laurel Park, a neighborhood in Concord, North Carolina, has a presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory consists of 80 total units, with 8 designated as low-income units. Based on the 2022 population of 5,295 and using the national average household size, the estimated housing units in the neighborhood are approximately 2,029. The LIHTC funded affordable housing comprises about 3.9% of the estimated housing inventory in Laurel Park.
The LIHTC program has invested in Laurel Park, with project tax credits totaling $823,711. This equates to an average federal funding of $10,296 per unit across the LIHTC-funded projects. The neighborhood's sole LIHTC project, Beechwood Place, was completed in 2020, marking the introduction of LIHTC-funded affordable housing in the area.
Beechwood Place offers a mix of unit types, accommodating various household sizes. The project includes 12 one-bedroom units, 36 two-bedroom units, 28 three-bedroom units, and 4 four-bedroom units. This distribution indicates an effort to accommodate different family compositions within the affordable housing framework.
Over the past decade, Laurel Park has experienced demographic changes. The population increased from 3,468 in 2013 to 5,295 in 2022, representing a 52.7% growth. This rapid increase may have contributed to the need for affordable housing options, leading to the development of Beechwood Place in 2020.
Median income in the neighborhood has fluctuated, reaching $81,232 in 2017 before decreasing to $70,800 in 2022. This overall increase in median income, combined with population growth, may indicate a growing demand for diverse housing options, including affordable units.
Racial demographics have shifted. The white population decreased from 72% in 2013 to 63% in 2022, while the Black population increased from 13% to 18%. The Hispanic population has remained relatively stable, fluctuating between 4% and 15% over the decade. These changes in racial composition suggest a diversifying neighborhood, which may benefit from the inclusion of affordable housing options to maintain diversity and inclusivity.
Laurel Park's LIHTC-funded affordable housing represents a recent addition to the neighborhood's housing inventory. The completion of Beechwood Place in 2020 coincides with a period of significant population growth and demographic change in the area. While the current LIHTC inventory covers a small percentage of the estimated housing units, it provides a range of unit types to accommodate various household sizes. The neighborhood's changing demographics, including population growth and racial diversification, underscore the potential importance of affordable housing options in maintaining a balanced and inclusive community.
