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Affordable Housing in Sedgefield: LIHTC's Impact on a Changing Charlotte Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Sedgefield, a neighborhood in Charlotte, North Carolina, contains a significant amount of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 184 total affordable units, all of which are designated as low-income units. Based on the estimated housing inventory of 1,529 units, LIHTC funded affordable housing represents approximately 12% of the neighborhood's housing stock. This percentage indicates a substantial contribution to affordable housing options in Sedgefield.
The LIHTC program has invested $880,000 in tax credits for affordable housing projects in Sedgefield. This investment averages to approximately $4,783 per unit when divided by the total number of units (184). The neighborhood has two LIHTC-funded projects: Park And Marsh Senior Apartments and The Landing At Park Road, both completed in 2016. This information suggests that affordable housing development through LIHTC is a relatively recent initiative in Sedgefield.
All 184 LIHTC-funded units in Sedgefield are one-bedroom apartments, indicating a focus on housing for individuals or small households. This unit distribution may correspond to the needs of the local population, particularly if there is demand for smaller, more affordable living spaces.
Over the past decade, Sedgefield has experienced significant demographic changes concurrent with its LIHTC developments. The population has increased from 2,905 in 2013 to 3,992 in 2022, representing a 37% growth. This population increase may have contributed to the demand for additional affordable housing options.
Median income in Sedgefield has fluctuated but generally increased, rising from $55,805 in 2013 to $74,543 in 2022. This increase in median income may suggest growing economic prosperity in the neighborhood, but it could also indicate a need for affordable housing options to maintain economic diversity.
Racial demographics in Sedgefield have shifted notably. The white population percentage increased from 71% in 2013 to 81% in 2022, while the Black population decreased from 17% to 4% during the same period. The Hispanic population also experienced a slight decrease from 8% to 5%. These changes in racial composition occurred alongside the introduction of LIHTC-funded housing in 2016, potentially influencing or being influenced by these demographic shifts.
Sedgefield's LIHTC-funded affordable housing inventory, completed in 2016, provides a significant contribution to the neighborhood's housing stock. With 184 one-bedroom units across two projects, these developments align with the area's recent population growth and changing demographics. The investment of $880,000 in tax credits demonstrates a commitment to affordable housing in the neighborhood. As Sedgefield continues to evolve, with rising median incomes and shifting racial demographics, these LIHTC projects play a crucial role in maintaining housing affordability and potentially supporting economic diversity in the area.
