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Affordable Housing in North Raleigh: LIHTC Program's Impact on Neighborhood Dynamics
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 Raleigh, a neighborhood in Raleigh, North Carolina, has a presence of affordable housing funded through the Low-Income Housing Tax Credit (LIHTC) program. The neighborhood contains 663 total units in LIHTC-funded projects, with 545 designated as low-income units. Based on the 2022 population of 94,782 and using the national average household size, the estimated housing inventory for North Raleigh is approximately 36,315 units. The LIHTC-funded affordable housing comprises about 1.8% of this estimated housing inventory, indicating a modest contribution to the neighborhood's affordable housing needs.
The LIHTC program has invested in North Raleigh, with project tax credits totaling $3,521,613. This equates to an average federal funding of approximately $5,312 per unit in LIHTC-funded projects. The neighborhood has experienced consistent development of affordable housing over nearly three decades, with the first LIHTC project, Capital Towers, completed in 1993, and the most recent, Abbington Square, finished in 2020.
The 2000s witnessed the most affordable housing development activity, with projects such as Berkeley Spring Apartments (2003), Hodges Creek Apartments (2004), Wakefield Hills Apartments (2007), and Wakefield Manor (2008) being completed. The inventory of LIHTC-funded units in North Raleigh includes 12 efficiencies, 288 one-bedroom units, 132 two-bedroom units, and 41 three-bedroom units, accommodating diverse household sizes and needs.
Over the past decade, North Raleigh has experienced steady population growth, increasing from 87,914 in 2013 to 94,782 in 2022. This 7.8% population increase has been accompanied by a modest rise in median income, from $87,432 in 2013 to $91,345 in 2022, representing a 4.5% increase. The continued development of LIHTC projects suggests an ongoing need for affordable housing options in the area.
The racial composition of North Raleigh has remained relatively stable, with a slight decrease in the white population (from 74% in 2013 to 72% in 2022) and small increases in Black (13% to 15%) and Hispanic (6% to 7%) populations. This gradual diversification may contribute to the continued demand for affordable housing options to serve various community segments.
North Raleigh's LIHTC-funded affordable housing inventory represents a small but significant component of the neighborhood's housing stock. The consistent development of LIHTC projects over nearly three decades demonstrates an ongoing commitment to providing affordable housing options. While the current inventory covers less than 2% of the estimated housing units, it plays a crucial role in serving low-income residents. The neighborhood's steady population growth, rising median income, and gradual racial diversification underscore the continued importance of maintaining and potentially expanding affordable housing options to meet the evolving needs of the community.
