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Affordable Housing in Westover Hills: LIHTC's Impact on a Changing Charlotte Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Westover Hills, a neighborhood in Charlotte, North Carolina, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 99 affordable housing units, all of which are designated as low-income units. This accounts for approximately 43.2% of the estimated 229 housing units in the neighborhood, based on the 2022 population of 598 residents. LIHTC-funded affordable housing plays a substantial role in the neighborhood's housing inventory.
The LIHTC program has provided $28,771 in tax credits for affordable housing projects in Westover Hills. This translates to an average federal funding of about $290 per unit. The neighborhood's affordable housing inventory is represented by a single project, Parker Heights, which was completed in 1988. This project has been providing affordable housing options in Westover Hills for over three decades.
Parker Heights consists of 99 units, with a mix of one-bedroom (16 units), two-bedroom (54 units), and three-bedroom (26 units) apartments. This diverse unit composition caters to various household sizes and needs within the low-income community.
Over the past decade, Westover Hills has experienced significant demographic shifts. The population has decreased from 1,143 in 2018 to 598 in 2022, a decline of nearly 48%. Despite this population decrease, the median income has shown a notable increase, rising from $38,110 in 2018 to $58,299 in 2022.
The racial composition of the neighborhood has also changed. The percentage of Black residents decreased from 68% in 2018 to 63% in 2022, while the White population increased from 9% to 31% during the same period. The Hispanic population saw a decrease from 21% in 2018 to 1% in 2022.
These demographic changes, particularly the significant increase in median income and shift in racial composition, may indicate ongoing gentrification in the area. However, the presence of the LIHTC-funded Parker Heights project continues to provide a stable source of affordable housing amidst these changes.
Westover Hills demonstrates a significant presence of LIHTC-funded affordable housing, with Parker Heights providing 99 low-income units that cover a substantial portion of the neighborhood's estimated housing inventory. This project, completed in 1988, has been a long-standing source of affordable housing in the area. Despite recent demographic shifts, including population decrease, increased median income, and changes in racial composition, the LIHTC-funded housing continues to play a crucial role in maintaining affordable options for low-income residents in this evolving neighborhood.
