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Affordable Housing in Zip Code 27614: A Decade of LIHTC Development in Raleigh, 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 27614 in Raleigh, North Carolina, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area has 192 units in LIHTC-funded projects, with 120 designated as low-income units. The LIHTC-funded affordable housing comprises approximately 1.6% of the total housing stock in this zip code, based on an estimated housing inventory of 12,018 units.
The LIHTC projects in zip code 27614 have received $2,759,537 in tax credits, averaging $14,372 per unit in federal funding. This zip code accounts for 0.63% of the total state LIHTC funding, indicating a moderate concentration of affordable housing investment in the area.
Affordable housing has been present in this zip code for over ten years. The initial LIHTC project, Wakefield Hills Apartments, was completed in 2007, while the most recent project, Wakefield Commons, was finished in 2017. This ten-year span demonstrates a consistent commitment to affordable housing development in the area. The 2010-2019 decade saw the most affordable housing projects completed, with three out of the four projects built during this period.
The LIHTC-funded projects in zip code 27614 offer a mix of unit types, with 82 one-bedroom units, 84 two-bedroom units, and 26 three-bedroom units. This distribution suggests accommodation for diverse household sizes, from individuals to small families.
The population in zip code 27614 has remained relatively stable over the last decade, increasing slightly from 31,023 in 2012 to 31,368 in 2022. The median income has shown significant growth, rising from $115,625 in 2013 to $125,719 in 2022, indicating an overall increase in affluence in the area.
Racial demographics have remained fairly consistent, with a slight decrease in the white population from 80% in 2013 to 76% in 2022. There has been a modest increase in diversity, with small upticks in Asian, Black, and Hispanic populations.
The completion of LIHTC projects between 2007 and 2017 aligns with the period of population growth and increasing median income. This suggests that affordable housing development was responding to the area's economic expansion and potentially growing income disparities.
Zip code 27614 in Raleigh, North Carolina, has a small but significant LIHTC-funded affordable housing presence, representing 1.6% of the estimated housing stock. The area has seen consistent development of affordable housing over a decade, with projects accommodating various household sizes. The LIHTC projects have played a role in maintaining some level of affordable housing options in an increasingly affluent area.
