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Affordable Housing in Lyon Park: LIHTC Impact and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lyon Park, a neighborhood in Durham, North Carolina, has a presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 30 total units, with 3 designated as low-income units. Based on the 2022 population of 984 and the national average household size, the estimated housing inventory is approximately 377 units. The LIHTC funded affordable housing covers about 7.96% of the estimated housing inventory in Lyon Park.
The LIHTC program has invested $213,253 in tax credits for affordable housing projects in Lyon Park. This translates to an average federal funding of $7,108 per unit when divided by the total number of LIHTC-funded units. The neighborhood has had LIHTC-funded affordable housing since 1993, with the first project being West Park Apts. The most recent project, Morehead Glen, was completed in 1995, indicating that affordable housing has been present in Lyon Park for nearly three decades.
The 1990s saw the most affordable housing development in Lyon Park, with both LIHTC projects completed during this decade. The inventory includes a mix of two-bedroom and three-bedroom units, with 15 units of each type. This distribution suggests a focus on accommodating families of various sizes within the affordable housing stock.
Over the past decade, Lyon Park has experienced significant demographic shifts. The population has nearly doubled from 652 in 2014 to 984 in 2022, indicating rapid growth. Despite this population increase, median income has fluctuated, peaking at $35,543 in 2018 but decreasing to $26,363 in 2022. This trend suggests a potential increase in the need for affordable housing options.
Racial demographics have also evolved. The Black population has decreased from 75% in 2014 to 57% in 2022, while the Hispanic population has increased from 15% to 20% during the same period. The Asian population has also grown from 0% to 7%, indicating increasing diversity in the neighborhood.
Despite these demographic changes and potential increased need for affordable housing, no new LIHTC projects have been developed in Lyon Park since 1995. This lack of recent development might be due to various factors, including land availability, zoning restrictions, or shifts in housing policy priorities.
Lyon Park's LIHTC-funded affordable housing inventory, while established in the 1990s, covers a modest portion of the estimated housing stock. The neighborhood has experienced significant population growth and demographic shifts in recent years, potentially increasing the demand for affordable housing. However, the lack of new LIHTC developments in the past two decades suggests a potential gap between the evolving needs of the community and the available affordable housing stock. This analysis highlights the importance of ongoing assessment and potential expansion of affordable housing options to meet the changing needs of Lyon Park's residents.
