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Affordable Housing in Southeast Raleigh: Two Decades of LIHTC Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Southeast Raleigh, a neighborhood in Raleigh, North Carolina, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The neighborhood contains 632 total affordable units, all of which are designated as low-income units. This LIHTC-funded housing stock comprises approximately 3.7% of the estimated 17,005 housing units in the neighborhood, based on the 2022 population of 44,384 and the national average household size of 2.61 persons.
The LIHTC program has invested $3,421,068 in tax credits for affordable housing projects in Southeast Raleigh. This equates to an average federal funding of about $5,414 per unit. The neighborhood has demonstrated a long-term commitment to affordable housing, with projects dating back to 1994 when Walnut Woods Apartments was completed. The most recent project, The Bluffs At Walnut Creek, was completed in 2017, indicating over two decades of LIHTC-funded housing development in the area.
The 1990s witnessed the most significant affordable housing development activity in Southeast Raleigh. Notable projects from this period include East Haven Apartments (1995), River Knoll (1995), and various developments on Vintage Road and Talserwood Drive (1996-1997). The neighborhood's LIHTC-funded housing stock consists primarily of one-bedroom (158 units), two-bedroom (334 units), and three-bedroom (140 units) apartments, providing a range of options for different household sizes.
Over the past decade, Southeast Raleigh has experienced steady population growth, increasing from 33,012 in 2013 to 44,384 in 2022. During this period, the median income rose from $59,175 in 2013 to $65,821 in 2022, indicating a modest improvement in economic conditions. The racial composition has remained relatively stable, with a slight decrease in the Black population (from 58% to 53%) and an increase in the Hispanic population (from 15% to 23%).
The completion of The Bluffs At Walnut Creek in 2017 aligns with this period of population growth and income increase, suggesting a continued need for affordable housing options despite the improving economic indicators. The demographic shifts, particularly the growing Hispanic population, may have influenced the demand for diverse housing options in the neighborhood.
Southeast Raleigh's LIHTC-funded affordable housing inventory represents a small but significant portion of the neighborhood's estimated housing stock. The area has benefited from consistent investment in affordable housing over more than two decades, with the most intense development occurring in the 1990s. While the LIHTC program has contributed to creating a diverse range of unit types, the current inventory may not fully meet the estimated affordable housing needs of the neighborhood. The ongoing demographic changes and steady population growth suggest a continued demand for affordable housing options in Southeast Raleigh.
