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Affordable Housing in Westmont: LIHTC Developments and 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
Westmont, a neighborhood in Hickory, North Carolina, contains a notable amount of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 112 units, all designated as low-income. Based on the 2022 population of 6,382 and using the national average household size, Westmont's estimated housing inventory is approximately 2,445 units. LIHTC funded affordable housing represents about 4.58% of the estimated housing units in the neighborhood.
LIHTC projects in Westmont have received $530,788 in project tax credits, averaging $4,739 in federal funding per unit. Affordable housing has been present in Westmont since at least 1998, with the completion of Woodland Park Apartments. The most recent project, Woodland Manor, was completed in 2000, indicating a two-year period of LIHTC development activity in the neighborhood.
The 1990s saw the highest number of affordable housing projects completed in Westmont. The inventory includes a variety of unit types: 48 one-bedroom units, 32 two-bedroom units, 16 three-bedroom units, and 16 four-bedroom units. This distribution suggests an effort to accommodate various household sizes and needs within the affordable housing stock.
Westmont's population has fluctuated over the past decade, with a slight overall decrease from 6,407 in 2013 to 6,382 in 2022. The median income has shown an upward trend, rising from $31,656 in 2013 to $41,298 in 2022, potentially indicating improving economic conditions for some residents.
The racial composition of Westmont has become more diverse over the last decade. The white population has decreased from 65% in 2013 to 44% in 2022, while the Black population has increased from 13% to 23%. The Hispanic population has grown from 10% to 19%, and the Asian population has increased from 0% to 8%. This demographic shift suggests a growing need for culturally diverse and inclusive affordable housing options.
Westmont's LIHTC funded affordable housing inventory, while significant, covers a relatively small portion of the estimated housing units in the neighborhood. The projects were developed in the late 1990s and early 2000s, providing a variety of unit sizes to accommodate different household needs. Over the past decade, the neighborhood has experienced demographic changes, including increased racial diversity and a rise in median income. These trends may influence future affordable housing needs and development in Westmont.
