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Affordable Housing in Oak Forest: LIHTC's Impact on Charlotte Neighborhood Diversity
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
DATA SOURCE
United States Census Bureau: American Community Survey Data (ACS)
US Department of Housing and Urban Development (HUD): Low-Income Housing Tax Credit Properties (LIHTC)
Oak Forest, a neighborhood in Charlotte, North Carolina, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 269 total affordable units, all designated as low-income units. Based on the estimated housing inventory of 2,766 units for the neighborhood's 2022 population, LIHTC funded affordable housing accounts for approximately 9.7% of the neighborhood's housing stock.
The LIHTC program has invested $189,381 in project tax credits for affordable housing in Oak Forest. This equates to an average federal funding of about $704 per unit. The neighborhood has two LIHTC funded projects: Timber Ridge and Barrington Drive. Timber Ridge, completed in 2004, represents the earliest known LIHTC project in the area, indicating that affordable housing has been present in Oak Forest for at least 19 years.
Timber Ridge, the project with detailed unit information, consists of 101 units. It offers a mix of two-bedroom (39 units), three-bedroom (36 units), and four-bedroom (26 units) apartments, accommodating various family sizes within the low-income population.
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Over the past decade, Oak Forest has experienced fluctuations in its population, with a general upward trend from 5,827 in 2014 to 7,219 in 2022. The median income has increased from $27,908 in 2014 to $34,175 in 2022, suggesting a gradual economic improvement in the neighborhood.
The racial composition of Oak Forest has remained relatively stable over the past decade, with a predominantly Black and Hispanic population. As of 2022, the neighborhood was 52% Black, 38% Hispanic, and 8% White, with small percentages of Asian and multiracial residents. This diversity underscores the importance of affordable housing options in maintaining an inclusive community.
Oak Forest's LIHTC funded affordable housing inventory plays a significant role in providing low-income housing options, covering nearly 10% of the estimated housing stock. The neighborhood has benefited from federal investment in affordable housing for nearly two decades, with projects offering a range of unit sizes to accommodate different household needs. While the median income has increased, the consistent racial diversity and population growth emphasize the ongoing importance of affordable housing initiatives in this Charlotte neighborhood.
