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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Pinehurst, located in North Carolina, is known for its world-class golf courses and picturesque landscapes. The city's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory consists of 56 total units, all of which are designated as low-income units. Based on the estimated housing inventory of 6,493 units, the LIHTC funded affordable housing covers approximately 0.86% of the city's housing stock.
Pinehurst has received $461,402 in project tax credits from the LIHTC program for affordable housing. With one approximate project, this translates to an average federal funding of $461,402 per project and $8,239 per unit. The city holds 0.11% of the total state funding for LIHTC projects in North Carolina.
The sole LIHTC project in Pinehurst is the Pinehurst Senior Apartments, completed in 2018. This project marks the beginning of LIHTC-funded affordable housing in the city. The Pinehurst Senior Apartments consists of 56 units, with 35 one-bedroom and 21 two-bedroom units, catering to the needs of senior residents in the area.
Over the past decade, Pinehurst has experienced steady population growth, increasing from 14,038 in 2013 to 16,946 in 2022. The median income has also shown an overall upward trend, rising from $75,578 in 2013 to $85,700 in 2022, with some fluctuations in between.
Regarding racial demographics, Pinehurst has maintained a predominantly white population, consistently above 85% throughout the decade. There has been a slight increase in diversity, with small increases in Asian and Hispanic populations, while the Black population has remained relatively stable at around 4%.
The introduction of the LIHTC-funded Pinehurst Senior Apartments in 2018 aligns with the city's growing population and rising median income, suggesting a recognition of the need for affordable housing options, particularly for seniors, in an area with increasing living costs.
Pinehurst's LIHTC-funded affordable housing inventory, while modest in size, represents a significant step towards addressing affordable housing needs in the community. The Pinehurst Senior Apartments, completed in 2018, provides 56 low-income units specifically tailored for senior residents. This project reflects an awareness of the changing demographics and housing needs in a growing community with rising median incomes. While the LIHTC-funded units cover less than 1% of the estimated housing inventory, they play a crucial role in providing affordable options in a predominantly affluent area.