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Affordable Housing in Snow Hill, North Carolina: LIHTC's Impact on a Small Town
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Snow Hill, a town in North Carolina, has a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The town's LIHTC inventory consists of 112 affordable units, all of which are designated as low-income units. Based on the estimated housing inventory of 1,726 units, the LIHTC-funded affordable housing covers approximately 6.5% of the town's housing stock.
Snow Hill has received $252,573 in project tax credits through the LIHTC program. With three approximate projects, this translates to an average federal funding of $84,191 per project and $2,255 per unit. The town holds 0.06% of North Carolina's total LIHTC funding, indicating a modest share of the state's affordable housing resources.
The first LIHTC project in Snow Hill, Snow Hill Ridge, was completed in 1991, while the most recent, Park Place Apartments, was finished in 2003. This 12-year span demonstrates a sustained effort to provide affordable housing in the community. The 1990s saw the most activity, with two out of the three projects completed during this decade.
The affordable housing inventory in Snow Hill is diverse, comprising 48 one-bedroom units, 60 two-bedroom units, and 4 three-bedroom units. This distribution suggests a focus on accommodating various household sizes, with a slight emphasis on smaller families or individuals.
Over the past decade, Snow Hill has experienced fluctuations in its population, with a decline from 2010 to 2019, followed by a recovery in recent years. The 2022 population stands at 4,506. Median income has shown variability, decreasing from $36,058 in 2013 to $33,553 in 2022. This trend might indicate an ongoing need for affordable housing options.
The racial composition of Snow Hill has remained relatively stable, with a slight decrease in the white population (from 54% in 2013 to 48% in 2022) and a small increase in the Hispanic population (from 7% to 11%). The Black population has remained relatively constant, around 35-38% throughout this period. These demographic shifts, coupled with the income trends, suggest a continuing need for diverse and affordable housing options in the community.
Snow Hill's LIHTC-funded affordable housing inventory represents a significant component of the town's housing landscape, covering 6.5% of the estimated housing stock. The town has maintained a consistent effort in providing affordable housing over more than a decade, with projects spanning from 1991 to 2003. The diverse unit mix caters to various household sizes, while demographic trends indicate an ongoing need for affordable housing options. As Snow Hill continues to evolve, monitoring these trends will be crucial in addressing the community's future affordable housing needs.
