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Affordable Housing in Northwest Raleigh: LIHTC Impact on a Growing Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Northwest Raleigh, a neighborhood in North Carolina's capital city, contains a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area has 709 total units in LIHTC funded projects, with 423 of these designated as low-income units. Based on the 2022 population of 95,957 and an estimated 36,765 housing units, the LIHTC funded affordable housing comprises approximately 1.9% of the neighborhood's estimated housing inventory.
The LIHTC program has invested in Northwest Raleigh, with project tax credits totaling $3,852,699. This equates to an average federal funding of about $5,434 per unit in LIHTC funded projects. The neighborhood has experienced consistent development of affordable housing over three decades, with the earliest projects, Londonderry and Londonderry Townhomes, completed in 1990, and the most recent, Water Garden Park, finished in 2013.
The 2000s saw the most significant growth in affordable housing, with projects such as Madison Glen Apartments, Trinity Ridge Apartments, The Meadows At Brier Creek, and The Oaks At Brier Creek being completed. The housing stock is diverse, consisting of 242 one-bedroom, 308 two-bedroom, 107 three-bedroom, and 25 four-bedroom units, accommodating various household sizes and needs.
Northwest Raleigh has experienced steady population growth over the past decade, increasing from 85,429 in 2013 to 95,957 in 2022. This 12.3% population increase has been accompanied by a rise in median income, from $87,155 in 2013 to $99,361 in 2022, representing a 14% increase.
The racial composition of the neighborhood has remained relatively stable, with a slight decrease in the White population from 69% in 2013 to 69% in 2022, and a small decrease in the Black population from 16% to 15% over the same period. The Asian and Hispanic populations have maintained consistent percentages at around 6% each.
No new LIHTC projects have been recorded since 2013, which may be related to the rising median income in the area. This trend might indicate a reduced need for additional affordable housing units in recent years, although other affordable housing programs may be active in the neighborhood.
Northwest Raleigh's LIHTC funded affordable housing inventory represents a small but significant portion of its housing stock. The neighborhood has benefited from consistent investment in affordable housing over three decades, with a diverse range of unit types available. Population growth and rising median incomes characterize the area's recent demographic trends, while the stability in racial composition suggests a balanced community. The lack of new LIHTC projects in the past decade may reflect changing housing needs in this evolving neighborhood, but a comprehensive assessment would need to consider all affordable housing programs to fully understand the area's housing landscape.
