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Affordable Housing in North Charlotte: LIHTC's Impact on Neighborhood Demographics
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
North Charlotte, a neighborhood in Charlotte, North Carolina, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 324 total units in LIHTC-funded projects, with 299 of these designated as low-income units. Based on the 2022 population of 4,413 and using the national average household size, the estimated housing inventory for the neighborhood is approximately 1,691 units. The LIHTC-funded affordable housing covers about 19.2% of the estimated housing inventory, which aligns with the target percentage for a well-balanced community.
The LIHTC program has invested significantly in North Charlotte, with project tax credits totaling $1,698,052. This translates to an average federal funding of about $5,241 per unit in LIHTC-funded projects. The neighborhood has seen a long-term commitment to affordable housing, with the earliest project, Highland Manor Apartments, completed in 1989, and the most recent, The Lofts at Noda Mills, finished in 1996. This span of seven years demonstrates a consistent effort to provide affordable housing options in the area.
The 1990s were particularly active for affordable housing development in North Charlotte, with multiple projects completed during this decade. Notable projects include Johnston Mill Apartments and Pwe Johnston Mill Apartments, both completed in 1993. The affordable housing inventory in North Charlotte is diverse, offering a range of unit sizes to accommodate different household needs. The breakdown includes 10 efficiencies, 101 one-bedroom units, 122 two-bedroom units, and 84 three-bedroom units. This distribution suggests a focus on accommodating small to medium-sized households.
Over the past decade, North Charlotte has experienced significant population growth, increasing from 2,910 residents in 2015 to 4,413 in 2022. This 51.6% population increase indicates a growing demand for housing in the area. Despite this growth, the median income has remained relatively stable, fluctuating between $70,591 and $83,681 over the years, with the most recent figure at $75,285 in 2022.
The racial composition of North Charlotte has also evolved. The white population has increased from 57% in 2015 to 61% in 2022, while the Black population has decreased from 27% to 20% over the same period. The Hispanic population has also seen a slight decrease from 11% to 7%. These demographic shifts may influence future affordable housing needs and strategies in the neighborhood.
North Charlotte demonstrates a substantial commitment to affordable housing through its LIHTC-funded projects. With 19.2% of its estimated housing inventory dedicated to affordable units, the neighborhood appears to be meeting the target range for a well-balanced community. The area has seen consistent investment in affordable housing from the late 1980s through the mid-1990s, providing a diverse range of unit sizes to meet various household needs. As the neighborhood continues to grow and evolve demographically, ongoing assessment of affordable housing needs will be crucial to maintain this balance and serve the community effectively.
