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Affordable Housing in Spruce Pine: LIHTC's Impact on a Small North Carolina 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
Spruce Pine, a town in North Carolina, contributes to affordable housing through the Low-Income Housing Tax Credit (LIHTC) program. The town's LIHTC-funded affordable housing inventory comprises 32 units, all designated as low-income units. These units represent approximately 0.89% of the town's estimated 3,600 housing units.
The LIHTC program has invested $62,328 in tax credits for affordable housing projects in Spruce Pine. With one project funded, this equates to an average federal funding of $62,328 per project and $1,948 per unit. Spruce Pine accounts for 0.01% of the total state funding for LIHTC projects in North Carolina.
Spruce Pine's involvement with LIHTC-funded affordable housing began in 2003 with the completion of Deer Park Apartments. This project offers 32 units to low-income residents, consisting of 8 one-bedroom and 24 two-bedroom apartments.
Demographic trends in Spruce Pine over the past decade show some changes. The population has increased from 8,993 in 2020 to 9,396 in 2022, potentially indicating a rising demand for housing, including affordable options.
Median income in Spruce Pine has increased from $41,480 in 2017 to $50,789 in 2022. This upward trend in income levels may affect the need for affordable housing in the community.
Racial demographics in Spruce Pine have remained relatively stable over the past decade. The white population has slightly decreased from 90% in 2017 to 88% in 2022, while the Hispanic population has remained around 8%. The town has seen a small increase in residents identifying as two or more races, growing from 1% in 2017 to 2% in 2022.
In conclusion, Spruce Pine's LIHTC-funded affordable housing, though modest in scale, plays an important role in providing low-income housing options for the community. The Deer Park Apartments project, completed in 2003, continues to serve as the primary LIHTC-funded development in the town. As Spruce Pine experiences population growth and rising median incomes, continued assessment of affordable housing needs will be necessary to ensure the community's housing market remains balanced and accessible to all income levels.
