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Affordable Housing in Thomasville: LIHTC Impact on Furniture City's Housing Landscape
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Thomasville, North Carolina, known for its furniture manufacturing history and iconic "Big Chair" landmark, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 236 total units, with 182 designated as low-income units. This inventory represents approximately 1.62% of the city's estimated 14,529 housing units.
Thomasville has received $1,129,867 in project tax credits through the LIHTC program, distributed across approximately 6 projects. This equates to an average of $188,311 in federal funding per project and $4,787 per unit. The city holds 0.26% of the total state LIHTC funding.
The LIHTC program in Thomasville spans at least 13 years, with the first project, Teamwork For Housing Part I, completed in 1988 and the most recent known project, Kingston Ridge Apts, finished in 2001. The 1980s saw the highest concentration of affordable housing projects, with three completions during that decade.
The LIHTC-funded housing in Thomasville consists of 55 one-bedroom units, 143 two-bedroom units, and 38 three-bedroom units, indicating a focus on accommodating small to medium-sized families.
Thomasville's population has remained relatively stable over the past decade, with slight fluctuations. The median income has increased from $40,411 in 2013 to $49,858 in 2022, potentially indicating a reduced need for additional affordable housing in recent years.
Racial demographics in Thomasville have shifted between 2013 and 2022. The white population has decreased from 71% to 67%, while the Hispanic population has increased from 9% to 14%. The Black population has slightly decreased from 15% to 13%. These changes in racial composition may influence future affordable housing needs and strategies.
Thomasville's LIHTC-funded affordable housing inventory, developed over more than a decade, represents a modest portion of the city's housing stock. The concentration of development in the 1980s and early 2000s, combined with recent demographic changes and rising median income, suggests a potential need for reassessment of current affordable housing requirements.
