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Affordable Housing in Madison Park: A Singular LIHTC Project Amidst Population Growth
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Madison Park, a neighborhood in Charlotte, North Carolina, has a population of 6,320 as of 2022. The area contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, which provides 50 units, with 49 designated as low-income units. This LIHTC project accounts for approximately 2.06% of the neighborhood's estimated 2,421 housing units.
The LIHTC program has allocated $182,144 in tax credits for affordable housing in Madison Park, averaging $3,643 per unit in federal funding. The sole LIHTC project, Seneca Woods, was completed in 1992, indicating a three-decade presence of affordable housing in the neighborhood.
Seneca Woods offers a variety of unit sizes, including 24 two-bedroom units, 24 three-bedroom units, and 2 four-bedroom units. This distribution suggests an intention to accommodate families of different sizes within the affordable housing project.
Madison Park has experienced demographic changes over the past decade. The population increased by 27% from 4,963 in 2017 to 6,320 in 2022. During this period, the median income fluctuated, peaking at $94,612 in 2018 before decreasing to $87,891 in 2022.
The racial composition of Madison Park has remained relatively stable, with a slight increase in diversity. The white population decreased from 76% in 2017 to 82% in 2022, while the Hispanic population decreased from 11% to 8%. The Asian population doubled from 2% to 4%, and the proportion of residents identifying as two or more races increased from 1% to 4%.
Despite these demographic shifts, no new LIHTC projects have been developed in Madison Park over the past decade. This lack of additional affordable housing development may be attributed to the area's relatively high median income, which potentially reduces the perceived need for more affordable housing units.
Madison Park's affordable housing landscape is characterized by a single LIHTC project, Seneca Woods, which has served the community since 1992. While this project provides 50 units of affordable housing, it represents a small portion of the neighborhood's estimated housing stock. The area has experienced population growth and slight increases in diversity over the past decade, but no new LIHTC projects have been developed during this time. The neighborhood's relatively high median income may be a factor in the lack of recent affordable housing development through the LIHTC program.
