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Affordable Housing in Shelby: Three Decades of LIHTC Investment
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Shelby, North Carolina, has a notable LIHTC-funded affordable housing inventory. As of 2022, the city's population stands at 31,721 with an estimated 12,154 housing units. The LIHTC program has funded 424 total units in Shelby, of which 388 are designated as low-income units. This represents approximately 3.49% of the city's estimated housing inventory.
Shelby has received $3,101,452 in project tax credits for affordable housing through the LIHTC program. With approximately 41 projects, this translates to an average of $75,645 in federal funding per project. The average federal funding per unit is $7,315. Shelby holds 0.71% of North Carolina's total LIHTC funding, indicating a significant investment in affordable housing relative to its size within the state.
The city's involvement with LIHTC-funded affordable housing spans over three decades. The earliest recorded projects, "Duplex" and "Residence," were completed in 1987. The most recent project, "Cambridge Commons II," was completed in 2021, demonstrating a long-term commitment to affordable housing development.
The 1990s saw the most affordable housing projects completed, including "508 Blanton Apts E & F," "Blanton Street Apts A,B,C,D," and "Bridges St Apts," all completed in 1990. The LIHTC-funded housing in Shelby offers a diverse range of unit types. The inventory includes 103 one-bedroom units, 131 two-bedroom units, and 89 three-bedroom units, catering to various household sizes and needs.
Over the past decade, Shelby's population has experienced slight fluctuations, with a general trend towards decrease until 2022, when it saw an increase to 31,721. The median income has shown a gradual increase, rising from $38,877 in 2017 to $43,958 in 2022. This economic improvement may have influenced the need for and development of affordable housing projects.
Racial demographics have remained relatively stable, with a slight increase in diversity. The white population has maintained a majority at around 61-64%, while the Black population has slightly decreased from 32% to 29%. There has been a small increase in the Hispanic population and those identifying as two or more races, indicating a growing diversity that may influence future affordable housing needs.
Shelby's LIHTC-funded affordable housing inventory represents a small but significant portion of its housing stock, covering about 3.49% of the estimated housing units. The city has consistently invested in affordable housing over three decades, with the most active period being the 1990s. The diverse range of unit types suggests an effort to accommodate various household sizes. The rising median income and slight changes in racial demographics may influence future affordable housing needs and developments in Shelby.
