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Affordable Housing in Winston-Salem: LIHTC's Three-Decade Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Winston-Salem, North Carolina, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 2,841 total units in LIHTC-funded projects, with 2,323 designated as low-income units. This affordable housing stock addresses a portion of the community's housing needs.
The LIHTC-funded affordable housing units represent approximately 2.95% of Winston-Salem's estimated 96,300 housing units. This percentage suggests the presence of additional affordable housing programs or initiatives to meet the city's needs.
Winston-Salem has received $15,722,751 in project tax credits through the LIHTC program. With approximately 43 projects, the average federal funding per project is $365,645. The average federal funding per unit is about $5,534. Winston-Salem holds 3.6% of North Carolina's total LIHTC funding, indicating its role in the state's affordable housing efforts.
The city's involvement in LIHTC-funded affordable housing spans over three decades. The earliest project, Maryland Ave Apts, was completed in 1987, while recent projects like Aspen Pointe, Essex Place, and Skyline Village Apartments were completed in 2021. The 1990s saw increased affordable housing development, with projects such as Olde North Village, Salem Crest Apartments, and Burke Village.
Winston-Salem's LIHTC-funded housing stock includes various unit types. The inventory comprises 415 one-bedroom units, 1,420 two-bedroom units, 674 three-bedroom units, and 53 four-bedroom units. This distribution indicates a focus on accommodating different household sizes, with a predominance of two-bedroom units.
Demographic trends over the past decade show steady population growth in Winston-Salem, increasing from 239,273 in 2014 to 251,343 in 2022. Median income rose from $40,869 in 2014 to $54,195 in 2022, potentially affecting affordable housing demand. The racial composition remained relatively stable, with slight increases in Hispanic and Asian populations and a small decrease in the Black population.
Winston-Salem's LIHTC-funded affordable housing inventory represents a significant investment in addressing the city's housing needs. It provides essential housing options for low-income residents, despite covering a small percentage of total estimated housing units. The city's consistent development of affordable housing projects over three decades, along with demographic changes, emphasizes the ongoing importance of such initiatives in maintaining a diverse and accessible housing market.
