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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 27529 in Garner, North Carolina, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area encompasses 744 total units in LIHTC funded projects, with 636 of these designated as low-income units. Based on the 2022 population of 57,413 and an estimated 21,997 housing units, the LIHTC funded affordable housing comprises approximately 3.4% of the zip code's estimated housing inventory.
The LIHTC projects in this zip code have received $5,417,085 in project tax credits, averaging about $7,281 in federal funding per unit. This represents 1.24% of North Carolina's total LIHTC funding, indicating a notable investment in affordable housing for this area.
Affordable housing has been a long-standing presence in this zip code, with the first LIHTC project, Sandlin Branch Townhomes, completed in 1987. The most recent project, Pennington Grove II, was completed in 2021, spanning over three decades of affordable housing development. The 2010s saw the most activity, with projects like Cleveland Green Apartments, Bowman Manor, Glenbrook Meadows, and Timber Spring being completed.
The LIHTC funded projects in this zip code offer a diverse range of unit types. There are 200 one-bedroom units, 295 two-bedroom units, and 96 three-bedroom units, catering to various household sizes and needs.
Over the past decade, the zip code has experienced steady population growth, increasing from 46,227 in 2013 to 57,413 in 2022. This growth may have contributed to the continued development of LIHTC projects to meet increasing housing demands. The median income has fluctuated but generally increased from $70,301 in 2013 to $77,123 in 2022, potentially indicating a need for affordable housing options despite overall income growth.
Racial demographics have remained relatively stable, with a slight decrease in the white population (from 59% in 2013 to 56% in 2022) and small increases in Hispanic (from 7% to 12%) and multiracial populations (from 1% to 4%). These changes might reflect a growing diversity in the area, potentially influencing the continued development of affordable housing to serve various community needs.
Zip code 27529 has a significant LIHTC funded affordable housing presence, with 744 total units representing 3.4% of the estimated housing inventory. The area has seen consistent development of affordable housing projects over three decades, with the most activity in the 2010s. The diverse unit types cater to various household sizes, and the continued development aligns with the area's population growth and changing demographics. The LIHTC projects represent a notable investment in affordable housing for this zip code.