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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Salemburg, North Carolina, a small town with a population of 809 in 2022, demonstrates a unique affordable housing landscape influenced by the Low-Income Housing Tax Credit (LIHTC) program. The town has one LIHTC-funded project contributing to its affordable housing inventory.
The Salem Woods Apartments, completed in 1993, provides 24 low-income units, all designated as affordable housing. Based on an estimated housing inventory of approximately 310 units, the LIHTC-funded affordable housing comprises about 7.7% of the city's housing stock.
Salemburg received $32,712 in project tax credits for its LIHTC-funded development, averaging $1,363 per unit in federal funding. The town's LIHTC funding represents 0.01% of North Carolina's total state allocation, reflecting its small size and limited affordable housing development.
The affordable housing inventory in Salemburg consists primarily of one-bedroom units, with 22 such apartments available. Additionally, there are 2 two-bedroom units, providing a small variety of options for low-income residents. This unit distribution indicates a focus on accommodating smaller households or individuals.
Demographic trends over the past decade reveal notable patterns. Salemburg's population has experienced a gradual decline, decreasing from 1,045 in 2019 to 809 in 2022. Despite this decrease, the median income has shown some improvement, rising from $44,267 in 2019 to $44,771 in 2022, after reaching a peak of $53,624 in 2021.
The racial composition of Salemburg has shifted over the years. The Black population has increased from 41% in 2019 to 47% in 2022, while the White population has remained stable at 47% in 2022. The Hispanic population has seen a slight increase from 3% to 5% during this period.
These demographic changes, particularly the declining population and fluctuating median income, may influence the need for affordable housing in Salemburg. The stability of the LIHTC project since 1993 suggests it continues to play a crucial role in meeting the community's housing needs, despite these demographic shifts.
Salemburg's affordable housing landscape is characterized by a single, long-standing LIHTC project that provides a significant number of units relative to the town's size. While the project covers a modest percentage of the estimated housing stock, it represents a consistent source of affordable housing for nearly three decades. The town's changing demographics and economic conditions underscore the ongoing importance of maintaining and potentially expanding affordable housing options to meet the evolving needs of its residents.