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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Sanford, North Carolina, has a significant history in affordable housing development through the Low-Income Housing Tax Credit (LIHTC) program. The city has 932 units in LIHTC-funded projects, with 496 designated as low-income units. This represents approximately 4.95% of the city's estimated housing inventory of 18,809 units.
Sanford has received $3,352,567 in project tax credits for affordable housing through the LIHTC program. With approximately 18 projects, this averages $186,254 in federal funding per project. The average federal funding per unit is about $3,597. Sanford holds 0.77% of North Carolina's total LIHTC funding, indicating a significant investment in affordable housing relative to its size.
The city's engagement with LIHTC-funded affordable housing began in 1990 with the Sanford Makepeace project and continues to the present day. The most recent completed project was Sandhill Court in 2020, demonstrating a 30-year commitment to affordable housing development.
The 1990s saw the most affordable housing projects completed, including Brookhollow Apartments, Summerfield Apartments, and Juniper Point Apartments. This decade established a strong foundation for affordable housing in Sanford.
The LIHTC-funded projects in Sanford offer diverse housing options. Out of the 932 total units, there is 1 efficiency unit, 231 one-bedroom units, 390 two-bedroom units, and 125 three-bedroom units. This distribution suggests a focus on accommodating various household sizes, with an emphasis on small to medium-sized families.
Sanford's population has grown steadily over the past decade, increasing from 46,507 in 2017 to 49,092 in 2022, a 5.6% growth. The median income has shown an overall upward trend, rising from $52,198 in 2017 to $52,772 in 2022. This modest income growth may indicate a sustained need for affordable housing options.
Racial demographics in Sanford have remained relatively stable. The white population decreased slightly from 55% in 2017 to 52% in 2022, while the Hispanic population increased from 21% in 2017 to 22% in 2022. The black population has remained steady at around 21%. This diversity underscores the importance of maintaining a robust affordable housing inventory to serve various community needs.
Sanford's LIHTC-funded affordable housing inventory represents a significant portion of the city's housing stock. The city has consistently invested in affordable housing over three decades, with notable activity in the 1990s. The diverse unit mix caters to different household sizes, and the continued development of projects aligns with the city's population growth and demographic shifts. The LIHTC program has made a substantial contribution to Sanford's affordable housing landscape.