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Affordable Housing in New Bern: Three Decades of LIHTC Projects in Pepsi's Birthplace
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
New Bern, North Carolina, a city with historical significance as the state's first colonial capital and the birthplace of Pepsi-Cola, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 930 units. All of these units are designated as low-income units. The LIHTC-funded affordable housing represents approximately 6.9% of the city's estimated housing stock of 13,527 units.
New Bern has received $2,912,156 in project tax credits for affordable housing through the LIHTC program. This funding is distributed across approximately 20 projects, resulting in an average of $145,608 in federal funding per project. When calculated per unit, this amounts to $3,131 in federal funding. The city's share of North Carolina's total LIHTC funding is 0.67%, indicating a modest portion of the state's affordable housing resources.
The city's involvement with the LIHTC program spans 32 years, with the first project completed in 1989 and the most recent in 2021. This extended period demonstrates a sustained commitment to affordable housing development in New Bern. The 1980s were particularly active, with four projects completed in 1989 alone, including Brunswick House II and multiple Ghent South developments.
The affordable housing inventory in New Bern primarily consists of one-bedroom (336 units) and two-bedroom (274 units) apartments. There are also 148 three-bedroom units and 6 four-bedroom units. This distribution suggests a focus on housing for small families and individuals.
New Bern's population has grown from 31,033 in 2010 to 35,305 in 2022, an increase of approximately 13.8%. The median income has risen from $44,498 in 2013 to $54,091 in 2022, indicating a positive economic trend. Racial demographics have remained relatively stable over the past decade, with minor changes in the white population (decreasing from 56% to 53%), Asian population (increasing from 3% to 5%), and Hispanic population (increasing from 4% to 6%) between 2013 and 2022. The Black population has fluctuated but remained around 30% throughout this period.
The completion of several LIHTC projects in recent years (2014-2021) aligns with the city's population growth and changing demographics, suggesting efforts to meet evolving housing needs. New Bern's LIHTC-funded affordable housing represents a significant portion of the city's housing stock, with a diverse range of unit types catering to various household sizes. The city has consistently developed affordable housing projects over three decades, with recent developments coinciding with population growth and demographic changes. While the LIHTC program has made a substantial contribution to New Bern's affordable housing inventory, additional programs and initiatives may be necessary to fully address the city's low-income housing needs.
