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Affordable Housing in Zip Code 27526: Three Decades of LIHTC Development in Fuquay-Varina, NC
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 27526 in Fuquay-Varina, North Carolina, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 368 total units in LIHTC-funded projects, including 356 low-income units. The estimated housing inventory for the zip code, based on the 2022 population of 53,856 and the national average household size, is approximately 20,634 units. LIHTC-funded affordable housing comprises about 1.78% of the estimated housing inventory in the zip code.
The LIHTC projects in this zip code have received $1,251,623 in tax credits, averaging about $3,401 per unit. This zip code holds 0.29% of the total state LIHTC funding, indicating a modest but notable contribution to North Carolina's affordable housing efforts.
Affordable housing has been present in this zip code for nearly three decades. The first LIHTC project, Oak Grove Apartments, was completed in 1988, while the most recent, Wood Spring, was finished in 2016. The 1990s saw the most affordable housing development, with five projects completed during that decade.
The LIHTC-funded projects in this zip code offer a diverse range of unit types. There are 100 one-bedroom units, 179 two-bedroom units, and 35 three-bedroom units, catering to various household sizes and needs.
Over the past decade, zip code 27526 has experienced significant population growth, increasing from 40,872 in 2013 to 53,856 in 2022. This 31.7% growth may have contributed to the need for additional affordable housing options. The median income has also risen, from $74,413 in 2013 to $88,253 in 2022, potentially indicating a growing disparity between market-rate housing costs and affordability for lower-income residents.
Racial demographics have remained relatively stable, with a slight decrease in the white population from 75% in 2013 to 71% in 2022, and small increases in Hispanic and multi-racial populations. This diversity may reflect the need for culturally sensitive affordable housing options.
Zip code 27526 has an established LIHTC-funded affordable housing inventory, developed over nearly 30 years. While the current affordable housing stock covers a small percentage of the estimated housing inventory, it provides crucial options for low-income residents. The area's rapid population growth and rising median income suggest an ongoing need for affordable housing. The diverse unit types available in LIHTC projects cater to various household sizes, reflecting the community's evolving demographics.
