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Affordable Housing in South Central Raleigh: A 35-Year LIHTC Development Journey
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
South Central, a neighborhood in Raleigh, North Carolina, has a significant presence of affordable housing funded through the Low-Income Housing Tax Credit (LIHTC) program. The neighborhood's LIHTC inventory consists of 397 total units, with 396 designated as low-income units. Based on the 2022 population of 7,303 and using the national average household size of 2.61, approximately 2,798 housing units are estimated in the neighborhood. The LIHTC-funded affordable housing covers about 14.2% of the estimated housing inventory, aligning closely with the target percentage for a well-balanced community.
The LIHTC projects in South Central have received $1,778,734 in tax credits, averaging approximately $4,480 per unit. This federal funding has played a crucial role in developing affordable housing in the area. Affordable housing has been a long-standing feature of South Central, with the earliest LIHTC projects, "Single Family" and "Residence," completed in 1987. The most recent additions, "The Summit At Sawyer" and "Toulon Place," were completed in 2022, marking a 35-year span of LIHTC development in the neighborhood.
The 1980s and early 1990s saw significant affordable housing development, with projects like "Sawyer Road Apts" (1988), "Peterson Park" (1990), and "1606 Joe Louis Ave" (1993). The 2000s brought "Pine Hills" (2000) and "Carousel Place" (2007), while "Meadowcreek Commons" was completed in 2011. The LIHTC-funded housing in South Central offers a mix of unit types, with 123 one-bedroom units, 64 two-bedroom units, and 14 three-bedroom units. This diversity caters to various household sizes and needs within the low-income population.
Over the past decade, South Central has experienced some demographic shifts. The population has remained relatively stable, with a slight decrease from 8,100 in 2015 to 7,303 in 2022. Median income has shown a positive trend, rising from $23,679 in 2015 to $35,666 in 2022, indicating improving economic conditions for residents.
Racial demographics have also evolved. The Black population has decreased from 65% in 2015 to 55% in 2022, while the White population has increased from 18% to 28% during the same period. The Hispanic population has slightly decreased from 12% to 8%. These changes suggest a gradual diversification of the neighborhood.
The completion of two LIHTC projects in 2022 aligns with the continued need for affordable housing, even as median incomes have risen. This indicates that while overall economic conditions may be improving, there remains a significant portion of the population requiring affordable housing options.
South Central's LIHTC-funded affordable housing inventory plays a crucial role in meeting the neighborhood's housing needs. With 397 units covering about 14.2% of the estimated housing stock, it closely aligns with the target for a well-balanced community. The neighborhood has benefited from consistent LIHTC development over 35 years, providing a mix of unit types to accommodate diverse household needs. While demographic shifts and rising median incomes suggest improving economic conditions, the recent completion of LIHTC projects in 2022 underscores the ongoing demand for affordable housing in South Central.
