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Affordable Housing in Lincolnton: LIHTC Program's Impact on a Growing City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lincolnton, the county seat of Lincoln County, North Carolina, is a city with an estimated population of 26,454 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has contributed to the provision of affordable housing in Lincolnton. The city has 174 units in LIHTC-funded projects, with 138 designated as low-income units. These affordable housing units represent approximately 1.72% of the city's estimated housing inventory of 10,136 units.
Lincolnton has received $1,220,267 in project tax credits for affordable housing through the LIHTC program. This funding is distributed across five projects, resulting in an average federal funding of $244,053 per project and $7,013 per unit. The city's LIHTC funding accounts for 0.28% of the total state funding for such projects in North Carolina.
The development of LIHTC-funded affordable housing in Lincolnton spans over two decades. The first project, Riverside Apartments, was completed in 1994, while the most recent, Caroline Courtyard, was finished in 2016. The 2010s saw the most activity in affordable housing development, with three projects completed during this decade: Woodhill Apartments (2010), Oakland Mill Apartments (2013), and Caroline Courtyard (2016).
The LIHTC-funded projects in Lincolnton offer a range of unit types. The 174 total units comprise 44 one-bedroom units, 98 two-bedroom units, and 14 three-bedroom units. This distribution indicates a focus on accommodating small to medium-sized families and individuals.
Lincolnton has experienced steady population growth over the past decade, increasing from 23,806 in 2013 to 26,454 in 2022. The median income has also risen, from $42,399 in 2013 to $48,954 in 2022. This economic growth may have influenced the development of affordable housing projects during this period.
The racial composition of Lincolnton has remained relatively stable. The white population decreased slightly from 76% in 2013 to 69% in 2022. The Black population increased from 10% to 12%, and the Hispanic population remained relatively constant at around 13-14%. The city has also seen a small increase in residents identifying as two or more races, from 2% in 2013 to 4% in 2022.
Lincolnton's LIHTC-funded affordable housing inventory represents a small but significant portion of the city's housing stock. The city has seen consistent development of affordable housing projects over the past three decades, with the most recent activity occurring in the 2010s. The distribution of unit types suggests an effort to accommodate various household sizes. While the LIHTC program has contributed to the affordable housing landscape in Lincolnton, there may be opportunities for further development to meet the needs of the growing population and changing demographics.
