Loading Content...
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Optimist Park, a neighborhood in Charlotte, North Carolina, features a single Low-Income Housing Tax Credit (LIHTC) funded project. This project provides one affordable unit, which is also designated as a low-income unit. Based on the 2022 population of 1,576 and an estimated 604 housing units, the LIHTC funded affordable housing represents approximately 0.17% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $1,021,761 in tax credits for affordable housing in Optimist Park. This amount equates to an average federal funding of $1,021,761 per unit, representing a significant investment in affordable housing options for the area.
The sole LIHTC project in Optimist Park, "940 Brevard," was completed in 2008. This project marks the initiation of LIHTC-funded affordable housing in the neighborhood and has been in existence for over a decade. The project consists of one one-bedroom unit, contributing to the diversity of housing options in the area.
Over the past decade, Optimist Park has experienced significant demographic changes. The population has grown substantially, from 722 in 2015 to 1,576 in 2022, more than doubling in size. This rapid growth may indicate an increasing demand for housing, including affordable options.
Median income in the neighborhood has fluctuated, with a notable increase from $47,118 in 2019 to $75,913 in 2021, followed by a sharp decline to $33,508 in 2022. This recent drop in median income could suggest an increased need for affordable housing options.
Racial demographics have remained relatively stable, with the Black population consistently representing the largest group, ranging from 44% to 52% over the past decade. The White population has fluctuated between 35% and 46%, while other racial groups have maintained smaller percentages. The Hispanic population has shown a slight increase from 3% in 2019 to 8% in 2022.
Optimist Park's affordable housing landscape is characterized by a single LIHTC-funded project providing one low-income unit. This represents a small fraction of the estimated housing inventory. The neighborhood has experienced rapid population growth and significant income fluctuations in recent years, potentially indicating a changing demand for affordable housing options. The stability in racial demographics, coupled with the recent increase in the Hispanic population, suggests a diverse community that may benefit from a variety of housing options to meet different needs.