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Affordable Housing in Steele Creek: LIHTC Impact on a Growing Charlotte Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Steele Creek, a neighborhood in Charlotte, North Carolina, has experienced significant growth in its LIHTC-funded affordable housing inventory. The area currently contains 192 total units in LIHTC-funded projects, with 84 units designated as low-income. Based on the 2022 population of 33,899 and using the national average household size, the estimated number of housing units in the neighborhood is approximately 12,988. LIHTC-funded affordable housing comprises about 1.48% of the estimated housing inventory in Steele Creek.
The LIHTC program has invested $1,021,612 in project tax credits for affordable housing in Steele Creek. This investment equates to an average federal funding of approximately $5,321 per unit across all LIHTC-funded projects in the neighborhood. Affordable housing has been present in Steele Creek since at least 2011, with the completion of the Steele Creek Seniors Apartments. The most recent project, Rivergate Greene, was completed in 2020, indicating nearly a decade of LIHTC-funded housing development in the area. The 2010s saw the most affordable housing projects completed in this neighborhood.
The LIHTC-funded housing inventory in Steele Creek consists primarily of one-bedroom units (120), followed by two-bedroom units (54), and three-bedroom units (18). This distribution suggests a focus on housing for smaller households and families.
Over the past decade, Steele Creek has experienced significant population growth, increasing from 16,774 in 2010 to 33,899 in 2022. This rapid growth may have contributed to the need for additional affordable housing options. The median income in the neighborhood has also risen, from $84,129 in 2013 to $98,552 in 2022, which could potentially impact affordability for some residents.
Racial demographics in Steele Creek have shifted over the past decade. The Black population has increased from 29% in 2013 to 34% in 2022, while the White population has decreased from 47% to 36%. The Asian population has grown from 6% to 10%, and the Hispanic population has remained relatively stable at around 13-14%. These demographic changes may influence the demand for diverse housing options, including affordable housing.
Steele Creek's LIHTC-funded affordable housing inventory, while present, covers a small percentage of the estimated housing stock. The neighborhood has seen two LIHTC projects completed over nearly a decade, with a focus on one-bedroom units. The area's rapid population growth and changing demographics suggest an ongoing need for diverse housing options, including affordable housing. The LIHTC program has provided significant investment in the neighborhood, contributing to its affordable housing stock, though the extent to which it meets the overall need for affordable housing in Steele Creek would require further analysis of additional housing programs and initiatives.
