Loading Content...
Affordable Housing in Thomasboro-Hoskins: LIHTC's Impact on a Changing Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Thomasboro-Hoskins, a neighborhood in Charlotte, North Carolina, contains a significant number of Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. The area has 211 total units in LIHTC funded projects, with 193 designated as low-income units. Based on the 2022 population of 5,539 and using the national average household size, there are approximately 2,122 housing units in the neighborhood. LIHTC funded affordable housing comprises about 9.9% of the estimated housing inventory, contributing substantially to the area's affordable housing needs.
The LIHTC program has invested significantly in Thomasboro-Hoskins, with project tax credits totaling $787,950. This equates to an average federal funding of approximately $3,734 per unit in LIHTC funded projects. The neighborhood has maintained a consistent commitment to affordable housing over time, with projects dating from 1989 to 1992. The earliest projects, Saratoga Park Apts and Hoskins Mill Phase II, were completed in 1989, while the most recent projects, 318 Cromer Street and 318 Cromer St, were finished in 1992.
The 1980s and early 1990s were particularly active for affordable housing development in Thomasboro-Hoskins. This period saw the completion of all four LIHTC funded projects in the neighborhood, indicating a concentrated effort to address affordable housing needs during that time. The housing mix in these LIHTC projects is diverse, catering to various household sizes. The inventory includes 104 one-bedroom units, 22 two-bedroom units, 20 three-bedroom units, and 2 four-bedroom units. This distribution suggests a focus on smaller households, with a significant number of units suitable for individuals or couples.
Thomasboro-Hoskins has experienced demographic shifts over the past decade. The population has remained relatively stable, increasing slightly from 5,369 in 2010 to 5,539 in 2022. The median income has shown a notable upward trend, rising from $23,254 in 2013 to $38,041 in 2022, indicating improving economic conditions for residents.
Racial demographics have also evolved. The Black population has remained the majority, though decreasing slightly from 75% in 2019 to 69% in 2022. The Hispanic population has grown from 6% to 14% during the same period. The Asian population has remained steady at around 5%, while the White population has fluctuated between 8% and 13% in recent years. Despite these demographic changes, no new LIHTC projects have been developed in the last decade. This could be due to various factors, including the existing affordable housing stock meeting current needs or shifts in local housing policy priorities.
Thomasboro-Hoskins demonstrates a notable commitment to affordable housing through its LIHTC funded projects. These developments, concentrated in the late 1980s and early 1990s, provide a significant number of low-income units, contributing to the neighborhood's housing diversity. While the area has seen demographic changes, including rising median incomes and shifts in racial composition, the existing LIHTC projects continue to play a crucial role in maintaining affordable housing options for residents. The analysis reveals a neighborhood with an established foundation of affordable housing, adapting to evolving demographic trends.
