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Affordable Housing in Villa Heights: Three Decades of LIHTC Projects Amidst Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Villa Heights, a neighborhood in Charlotte, North Carolina, possesses a small Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The neighborhood currently has 7 total affordable units, all designated as low-income units. Based on the 2022 population of 1,719 and an estimated 659 housing units, the LIHTC funded affordable housing comprises approximately 1.1% of the neighborhood's estimated housing inventory.
The LIHTC program has provided $16,219 in project tax credits for affordable housing in Villa Heights. This equates to an average of about $2,317 per unit in federal funding. The neighborhood has had LIHTC projects since 1990, with the first project being Pegram Park Apartments. The most recent projects, 922 Everett Pl and PWN 922 Everette Place, were both completed in 1993. This indicates that affordable housing has been present in Villa Heights for over three decades.
The 1990s saw all LIHTC project completions in Villa Heights, with three projects built during this decade. The largest project, Pegram Park Apartments, accounts for 5 of the 7 total units. These units primarily consist of two-bedroom (3 units) and three-bedroom (2 units) apartments, suggesting a focus on accommodating small families or individuals requiring more space.
Over the past decade, Villa Heights has experienced significant demographic changes. The population increased from 1,462 in 2013 to 1,719 in 2022, indicating growing housing demand. Median income rose substantially from $22,683 in 2013 to $85,553 in 2022, suggesting gentrification or an influx of higher-income residents.
Racial demographics have also changed considerably. The Black population decreased from 77% in 2013 to 28% in 2022, while the White population increased from 21% to 57% during the same period. The Hispanic population grew from less than 1% to 11%.
Despite these demographic changes, no new LIHTC projects have been built in Villa Heights since 1993. The rapidly rising median income and shifting racial composition may indicate that the neighborhood's affordable housing needs have evolved, potentially requiring reassessment of current LIHTC-funded inventory.
Villa Heights has a small LIHTC-funded affordable housing inventory, comprising 7 units across 3 projects, all built in the early 1990s. These units constitute about 1.1% of the estimated housing stock. The neighborhood has undergone significant demographic changes in the past decade, including population growth, substantial increases in median income, and a shift in racial composition. These changes, coupled with the lack of new LIHTC projects since 1993, suggest that the affordable housing landscape in Villa Heights may need reevaluation to ensure it meets the current needs of the community.
