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Affordable Housing in Zip Code 27604: Two Decades of LIHTC Development in Raleigh, 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 27604 in Raleigh, North Carolina, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 430 total affordable units, all designated as low-income units. The zip code covers approximately 19.18 square miles with an estimated population of 44,069 as of 2022. Based on the national average household size of 2.61, the estimated housing inventory for this zip code is around 16,885 units. LIHTC funded affordable housing comprises approximately 2.55% of the estimated housing units in the zip code.
The LIHTC projects in this zip code have received $3,620,693 in project tax credits, averaging about $8,420 per unit in federal funding. This zip code holds 0.83% of the total state LIHTC funding, indicating a substantial investment in affordable housing for the area.
Affordable housing presence in this zip code spans over two decades, with the earliest projects dating back to 1995 and the most recent completed in 2015. The 1990s saw the highest number of affordable housing projects completed, including developments like Marsh Ridge Park, Heatherbrook, and multiple units on Faversham Place built in 1995.
The LIHTC funded housing in this zip code offers a range of unit types. Out of the 430 total units, there are 64 one-bedroom units, 254 two-bedroom units, and 70 three-bedroom units. This distribution accommodates various family sizes and needs.
Over the past decade, the zip code has experienced fluctuations in population and median income. The population peaked at 46,655 in 2019 but decreased to 44,069 in 2022. Median income has shown an overall upward trend, rising from $55,935 in 2013 to $71,255 in 2022, despite some fluctuations.
Racial demographics have remained relatively stable, with some shifts. The Black population decreased slightly from 35% in 2013 to 32% in 2022, while the Asian population increased from 2% to 7% during the same period. The Hispanic population remained steady at around 18-19%, and the White population decreased slightly from 42% to 39%.
Zip code 27604 in Raleigh, North Carolina, demonstrates a commitment to affordable housing through its LIHTC funded projects. With 430 low-income units, the area provides housing options for a diverse population. The zip code has seen steady development of affordable housing over two decades, with a concentration of projects in the 1990s. While the LIHTC funded units represent a small percentage of the estimated housing inventory, they play a role in providing affordable options in an area that has experienced overall population growth and increasing median incomes over the past decade.
