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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Mar-Mac, North Carolina, has a population of 4,880 as of 2022. The city has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, providing 60 units, with 6 designated as low-income units. Based on an estimated housing inventory of 1,870 units, LIHTC-funded affordable housing comprises 3.2% of the city's housing stock.
Mar-Mac has received $369,457 in project tax credits from the LIHTC program for affordable housing. This amount equates to $369,457 per project and $6,158 per unit. The city holds 0.08% of the total state LIHTC funding, indicating a small portion of North Carolina's affordable housing resources.
The sole LIHTC-funded project in Mar-Mac is Myrtle Place Apartments, completed in 2004. This project has provided affordable housing in the city for nearly two decades. The development consists of 60 units, including 8 one-bedroom, 36 two-bedroom, and 16 three-bedroom units, offering housing options for various household sizes.
Mar-Mac's population has declined from 5,770 in 2014 to 4,880 in 2022. Despite this decrease, the median income has increased from $32,591 in 2014 to $51,520 in 2022, suggesting an improvement in economic conditions for residents.
The racial composition of Mar-Mac has changed notably in recent years. The white population has decreased from 50% in 2014 to 40% in 2022, while the Hispanic population has grown from 21% to 34% during the same period. The Black population has slightly decreased from 25% to 22%. These demographic shifts may indicate changing housing needs within the community.
Mar-Mac's LIHTC-funded affordable housing inventory consists of one project providing 60 units, representing a small portion of the city's estimated housing stock. The Myrtle Place Apartments, completed in 2004, has served the community for nearly two decades. Despite a declining population, the city has experienced a significant increase in median income over the past decade. The changing racial demographics, particularly the growth in the Hispanic population, may suggest evolving affordable housing needs in the community. The current LIHTC inventory covers a small percentage of the housing stock, but other affordable housing programs may also contribute to meeting the city's low-income housing needs.