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Affordable Housing in Maxton, North Carolina: LIHTC Program Impact on a Declining Population
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Maxton, a town in North Carolina, had a population of 4,914 in 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded 68 affordable housing units in the town, all of which are designated as low-income. These units comprise approximately 3.61% of the town's estimated 1,883 housing units.
Maxton has received $254,925 in project tax credits through the LIHTC program. This funding has supported approximately two projects, resulting in an average federal funding of $127,463 per project and $3,749 per unit. The town's LIHTC funding represents 0.06% of the total state allocation.
The initial LIHTC project in Maxton, Brookside Apts, was completed in 1996, while the most recent project, Baldwin Place Apts, was finished in 2001. This indicates that LIHTC-funded affordable housing has been present in the town for at least five years. The 1990s saw the highest number of affordable housing project completions in Maxton.
The LIHTC-funded housing in Maxton consists of 1 one-bedroom unit, 48 two-bedroom units, and 1 three-bedroom unit. This distribution suggests a focus on accommodating small to medium-sized families.
Maxton's population has shown a declining trend over the last decade, decreasing from 6,321 in 2017 to 4,914 in 2022. The median income has fluctuated, rising from $32,039 in 2017 to $33,986 in 2022. The town has maintained a diverse population with a significant Black and Native American presence. As of 2022, the racial composition was approximately 51% Black, 32% Native American, and 13% White.
The absence of new LIHTC projects in the last decade may be related to the declining population trend, which might have reduced the demand for additional affordable housing units.
In summary, Maxton's LIHTC-funded affordable housing covers a small portion of the town's estimated housing stock. The town received federal funding for two projects completed between 1996 and 2001, focusing primarily on two-bedroom units. While the population has been declining over the past decade, the median income has shown some fluctuation. The racial composition of the town remains diverse, with significant Black and Native American populations. These demographic trends may have influenced the lack of new LIHTC projects in recent years.
