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Affordable Housing in Rockingham: LIHTC's Impact on a Small North Carolina City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Rockingham, North Carolina, a city with 12,593 residents as of 2022, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 361 total units, including 325 low-income units. This represents approximately 7.5% of the city's estimated 4,825 housing units.
The city has received $2,423,363 in project tax credits through the LIHTC program, distributed across approximately 8 projects. This results in an average of $302,920 in federal funding per project and $6,712 per unit. Rockingham's share of the total state LIHTC funding is 0.56%, indicating a relatively small portion of North Carolina's affordable housing allocation.
Rockingham's LIHTC-funded affordable housing development spans from 1989 to 2015, with Timber Ridge as the first project and Pine Ridge Homes among the last. This 26-year period demonstrates a sustained commitment to affordable housing in the city.
The 2010s witnessed the most affordable housing activity, with the completion of projects such as Gardenwood Apartments (2011), Fountain Pointe (2015), and Pine Ridge Homes (2015). The LIHTC-funded housing in Rockingham consists of 85 one-bedroom units, 210 two-bedroom units, and 40 three-bedroom units, providing a range of options for different household sizes.
Rockingham's population has declined from 13,352 in 2013 to 12,593 in 2022. The median income has remained relatively stable, ranging between $35,201 and $44,252. The city has experienced a slight increase in diversity, with the Black population growing from 32% to 38% and the Hispanic population increasing from 2% to 7%, while the White population decreased from 58% to 51%.
Despite the population decline, the consistent development of LIHTC projects until 2015 suggests an ongoing need for affordable housing in Rockingham. The stable median income and increasing diversity may have influenced the types of affordable housing units constructed to accommodate changing demographics.
Rockingham's LIHTC-funded affordable housing comprises a modest portion of the city's estimated housing stock. The city has maintained a steady commitment to affordable housing development over nearly three decades, with the most recent projects completed in 2015. The mix of unit types indicates an effort to accommodate various household sizes. While the population has decreased slightly, the demographic shifts and steady median income suggest a continued need for affordable housing options in the community.
