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Affordable Housing in Weldon, North Carolina: LIHTC'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
The Low-Income Housing Tax Credit (LIHTC) program has influenced the affordable housing landscape in Weldon, North Carolina. Weldon's LIHTC-funded affordable housing inventory comprises 24 units, all designated as low-income units. Based on the 2022 population, the estimated housing inventory is approximately 692 units, with LIHTC-funded affordable housing representing about 3.47% of the town's housing stock.
Weldon has received $246,170 in project tax credits through the LIHTC program. With one project, this amounts to an average federal funding of $246,170 per project and $10,257 per unit. The town accounts for 0.06% of North Carolina's total LIHTC funding, indicating a small portion of the state's affordable housing resources.
The Weldon Downtown Apartments, completed in 2006, is the town's LIHTC-funded affordable housing project. This development has provided affordable housing options in Weldon for over 15 years. The project consists of 24 units, including 11 one-bedroom units, 1 two-bedroom unit, and 3 three-bedroom units, offering various housing options for different household sizes.
Weldon's population has shown a declining trend over the past decade, decreasing from 1,968 in 2018 to 1,805 in 2022. Despite this population decrease, the median income has increased from $24,241 in 2018 to $33,581 in 2022, suggesting some economic improvement for the remaining residents.
The racial composition of Weldon has remained relatively stable, with a predominant African American population. In 2022, the town's racial distribution was approximately 73% Black, 23% White, and 3% Asian. This demographic makeup has been consistent over the past decade, with only minor fluctuations.
The stability in racial composition and the increase in median income, despite a declining population, may indicate that the existing LIHTC-funded affordable housing has been sufficient to meet the needs of the low-income population in recent years. However, other affordable housing programs may also be contributing to the town's overall affordable housing inventory.
Weldon's LIHTC-funded affordable housing, while modest in scale, plays a role in providing low-income housing options for the town's residents. The single project, Weldon Downtown Apartments, has been a consistent presence in the community since 2006. While the LIHTC-funded units represent a small percentage of the town's estimated housing stock, they contribute to addressing the affordable housing needs of Weldon's residents. The town's demographic trends, including a declining population but increasing median income, suggest a changing economic landscape that may influence future affordable housing needs.
