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Affordable Housing in St. Pauls, NC: LIHTC Program'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
St. Pauls, North Carolina, a town with a population of 4,026 in 2022, has implemented the Low-Income Housing Tax Credit (LIHTC) program to address affordable housing needs. The program has funded 52 low-income units, comprising approximately 3.37% of the town's estimated 1,543 housing units.
The LIHTC program provided St. Pauls with $255,535 in project tax credits. This funding represents 0.06% of North Carolina's total LIHTC allocation. The town received an average of $255,535 per project and $4,914 per unit. The affordable housing inventory in St. Pauls consists of 8 one-bedroom units, 36 two-bedroom units, and 8 three-bedroom units.
Fox Ridge Apartments, completed in 2007, is the primary LIHTC-funded project in St. Pauls. This development has provided over a decade of affordable housing support for low-income residents in the town.
Demographic trends in St. Pauls over the past decade reveal notable changes. The population decreased from 4,725 in 2018 to 4,026 in 2022. Despite this decline, the median income increased from $36,401 in 2018 to $37,756 in 2022, indicating potential changes in the town's economic conditions.
The racial composition of St. Pauls has also shifted. The Hispanic population grew from 24% in 2018 to 27% in 2022. The Black population increased from 19% to 27% during the same period, while the White population decreased from 45% to 38%. These demographic changes may influence future affordable housing needs and strategies in the town.
In conclusion, St. Pauls has utilized the LIHTC program to contribute to its affordable housing stock. The Fox Ridge Apartments project has been a key component of these efforts since 2007. Although LIHTC-funded units represent a small percentage of the overall housing inventory, they serve an important role in supporting low-income residents. The town's changing demographics and income levels suggest that ongoing assessment of affordable housing needs will be necessary for future planning and development strategies.
