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Affordable Housing in Rutherford College: The Impact of a Single LIHTC Project
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Rutherford College, located in North Carolina, has a modest Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 24 total affordable units, all of which are designated as low-income units. Based on the 2022 population of 3,517 and an estimated 1,348 housing units, the LIHTC funded affordable housing covers approximately 1.78% of the city's estimated housing inventory.
Rutherford College has received $37,999 in project tax credits from the LIHTC program. With one approximate project, this translates to an average federal funding of $37,999 per project and $1,583 per unit. The city holds about 0.01% of the total state funding for LIHTC projects in North Carolina.
The only LIHTC funded project in Rutherford College is Rutherford Square, completed in 1987. This project has been providing affordable housing in the city for over three decades. The 24-unit development consists of 8 one-bedroom and 16 two-bedroom units, offering a mix of housing options for low-income residents.
Over the past decade, Rutherford College has experienced some fluctuations in its population and median income. The population decreased from 4,079 in 2019 to 3,517 in 2022, while the median income varied, reaching $52,560 in 2021 before declining to $41,339 in 2022.
The racial composition of the city has remained relatively stable, with a predominantly white population. In 2022, 95% of the population identified as white, with small percentages of other racial groups. The Asian and Black populations slightly decreased over the decade, while the Hispanic population showed a small increase.
Despite these demographic changes, no new LIHTC projects have been developed in the last decade. This could be due to various factors, including changes in funding priorities or shifts in housing needs within the community.
Rutherford College has a single LIHTC funded affordable housing project, Rutherford Square, which has been serving the community since 1987. The project provides 24 low-income units, representing a small portion of the city's estimated housing inventory. While the city has experienced some demographic changes in recent years, including fluctuations in population and median income, the LIHTC funded affordable housing stock has remained constant. The analysis highlights the long-standing presence of affordable housing in the community and the need for ongoing assessment of housing needs in relation to demographic trends.
