Loading Content...
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Mineral Springs-Rumble Road, a neighborhood in Charlotte, North Carolina, has incorporated Low-Income Housing Tax Credit (LIHTC) funded affordable housing into its community. The neighborhood's LIHTC inventory comprises 98 total units, all designated as low-income units. This affordable housing stock addresses a portion of the community's housing needs.
The estimated housing inventory for the neighborhood is 4,052 units, with LIHTC-funded affordable housing representing approximately 2.4% of the total housing stock. This percentage indicates that while LIHTC projects contribute to affordable housing in the area, there may be potential for additional affordable housing options to meet the needs of low-income residents.
The LIHTC program has made a significant investment in Mineral Springs-Rumble Road, with project tax credits totaling $810,836. This investment equates to an average federal funding of $8,274 per unit, demonstrating a substantial commitment to affordable housing in the neighborhood.
The neighborhood's LIHTC-funded affordable housing is represented by one project: Rodden Square, completed in 2018. This project marks the introduction of LIHTC-funded affordable housing in the area, indicating a relatively recent focus on addressing affordable housing needs through this program. Rodden Square contributes 98 units to the neighborhood's affordable housing inventory, offering a mix of unit types, including 5 one-bedroom units and 48 two-bedroom units. This diverse unit composition caters to various household sizes and needs within the low-income population.
Over the past decade, Mineral Springs-Rumble Road has experienced notable demographic shifts. The population has grown from 7,856 in 2013 to 10,576 in 2022, representing a 34.6% increase. This population growth may have contributed to the need for additional affordable housing options, as evidenced by the Rodden Square project's completion in 2018. Median income in the neighborhood has also seen an upward trend, rising from $51,004 in 2013 to $66,852 in 2022. Despite this increase, the presence of LIHTC-funded housing suggests a continued need for affordable options for lower-income residents.
Racial demographics have remained relatively stable, with the Black population consistently representing the largest group, ranging from 48% to 55% of the total population between 2013 and 2022. The White population has seen a slight increase from 19% in 2013 to 25% in 2022, while the Asian population has remained steady at around 13-15%. These demographic patterns may influence the ongoing need for diverse and inclusive affordable housing options in the neighborhood.
The analysis of LIHTC-funded affordable housing in Mineral Springs-Rumble Road reveals a relatively recent but significant investment in addressing low-income housing needs. The Rodden Square project provides 98 affordable units, representing 2.4% of the estimated housing stock. While this contribution is important, it may not fully meet the affordable housing needs of the growing population. The neighborhood's demographic trends, including population growth and income changes, suggest an ongoing demand for affordable housing options. As the community continues to evolve, monitoring these trends will be crucial in assessing future affordable housing requirements and ensuring a balanced housing market for all residents.