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Affordable Housing in Zip Code 27203: LIHTC Program Impact in Asheboro, North Carolina
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 27203 in Asheboro, North Carolina, exhibits a diverse affordable housing landscape supported by the Low-Income Housing Tax Credit (LIHTC) program. This zip code covers 20.75 square miles and has an estimated population of 22,179 as of 2022. The LIHTC program has funded 319 units in this zip code, with 210 designated as low-income units. Based on the estimated housing inventory of 8,498 units, LIHTC-funded affordable housing comprises approximately 3.75% of the zip code's housing stock.
The LIHTC projects in zip code 27203 have received $1,969,860 in tax credits, averaging about $6,175 per unit. This funding represents 0.45% of the total LIHTC credits allocated to North Carolina, indicating a moderate level of investment in affordable housing for this area. Affordable housing has been present in this zip code for over two decades. The first LIHTC project, The Village At Stone Creek, was completed in 1992, while the most recent, Asheboro Mill Lofts, was finished in 2013. The 1990s saw the most activity in affordable housing development, with four projects completed during this decade.
The LIHTC-funded housing in zip code 27203 offers a mix of unit types, with 88 one-bedroom, 126 two-bedroom, and 69 three-bedroom units. This distribution suggests a focus on accommodating various household sizes, from individuals to small families.
Over the past decade, zip code 27203 has experienced modest population growth, increasing from 20,543 in 2013 to 22,179 in 2022. During this period, the median income has risen from $31,106 in 2013 to $38,008 in 2022, representing a 22% increase. This growth in income may have influenced the need for affordable housing in the area.
The racial composition of zip code 27203 has seen some changes, with the Hispanic population increasing from 26% in 2013 to 28% in 2022, while the white population decreased from 58% to 52% during the same period. The black population has remained relatively stable at around 14%. These demographic shifts may have implications for future affordable housing needs and development strategies.
The LIHTC program has played a significant role in providing affordable housing options in zip code 27203. The current inventory covers a small percentage of the estimated housing stock, representing a consistent effort to address affordable housing needs over the past three decades. The mix of unit types suggests an attempt to cater to diverse household sizes and needs. As the area continues to experience population growth and demographic changes, ongoing assessment of affordable housing needs will be crucial to ensure adequate support for low-income residents.
