Loading Content...
Affordable Housing in Zip Code 27540: Three Decades of LIHTC Impact in Holly Springs, North Carolina
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Holly Springs, North Carolina, zip code 27540, has benefited from the Low-Income Housing Tax Credit (LIHTC) program. This program has funded 217 total units in the area, with 214 designated as low-income units. The estimated housing inventory of 14,734 units in the zip code includes approximately 1.47% LIHTC-funded affordable housing.
The LIHTC projects in zip code 27540 have received $1,876,026 in tax credits, averaging $8,645 in federal funding per unit. This allocation represents 0.43% of the total LIHTC funding for North Carolina. Affordable housing has been present in this zip code for over three decades, with the first LIHTC project, Timber Springs Apartments, completed in 1989.
The most recent LIHTC project, Holly Woods At Sunset Lake, was completed in 2015. The 1990s saw the most affordable housing development, with two projects completed during that decade: Maple Ridge Apartments in 1994 and Maple Ridge Apartments Phase II in 1996. The LIHTC-funded housing in this zip code consists of 67 one-bedroom units, 106 two-bedroom units, and 44 three-bedroom units.
The population of zip code 27540 has grown from 27,068 in 2013 to 38,455 in 2022. During this period, the median income increased from $94,870 in 2013 to $111,072 in 2022. The racial composition has remained relatively stable, with a slight decrease in the white population from 77% in 2013 to 74% in 2022, and small increases in Asian and Hispanic populations.
Only one LIHTC project has been completed in the last decade (Holly Woods At Sunset Lake in 2015). This may indicate that the area's economic growth has reduced the perceived need for additional low-income housing developments.
The LIHTC program has contributed to the affordable housing stock in zip code 27540 over the past three decades, providing 214 low-income units. This represents a small percentage of the estimated housing inventory but has provided consistent support for affordable housing since 1989. The area has experienced significant population growth and increased median income over the past decade, which may have influenced the slower pace of LIHTC development in recent years. The existing LIHTC-funded units continue to play a role in maintaining housing diversity in this growing community.
