Loading Content...
Affordable Housing in Zip Code 27617: Two Decades of LIHTC Projects in Raleigh, NC
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 27617 in Raleigh, North Carolina, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area has 240 total units in LIHTC-funded projects, with 108 designated as low-income units. Based on the 2022 population of 16,191 and the national average household size of 2.61, there are approximately 6,203 housing units in this zip code. The LIHTC-funded affordable housing represents about 3.87% of the estimated housing inventory, contributing to the area's affordable housing needs, though it falls short of the 15-20% target for a well-balanced community.
The LIHTC program has invested in this zip code, with project tax credits totaling $528,855. This equates to an average federal funding of $2,203 per unit across all LIHTC-funded projects. Zip code 27617 accounts for 0.12% of North Carolina's total LIHTC funding, indicating a moderate concentration of affordable housing investment in this area.
Two LIHTC-funded projects were completed in 2004: The Meadows At Brier Creek and The Oaks At Brier Creek. This indicates that affordable housing has been present in the zip code for nearly two decades. The 2000s saw the most affordable housing development activity in this area.
The housing mix in these projects is diverse, offering 76 one-bedroom, 116 two-bedroom, and 48 three-bedroom units. This variety caters to different household sizes and needs within the low-income population.
Over the past decade, zip code 27617 has experienced population growth, increasing from 14,245 in 2013 to 16,191 in 2022. The median income has risen from $95,266 in 2013 to $106,459 in 2022, suggesting an overall increase in affluence in the area.
The racial composition has remained relatively stable, with a slight increase in the Asian population (from 9% to 12%) and a minor decrease in the White population (from 66% to 68%) between 2013 and 2022. The Black population has remained steady at around 14-17% during this period.
No new LIHTC projects have been developed in the last decade. This could be due to the area's increasing affluence, potentially reducing the perceived need for additional affordable housing units.
Zip code 27617 in Raleigh, NC, has a modest LIHTC-funded affordable housing presence, with 240 total units, including 108 low-income units. These projects, completed in 2004, represent about 3.87% of the estimated housing inventory. While this falls short of ideal affordable housing targets, it still contributes to addressing low-income housing needs. The area has seen population growth and increasing median incomes over the past decade, which may have influenced the lack of new LIHTC developments since 2004. The existing affordable housing stock offers a mix of unit sizes, catering to diverse household needs within the low-income population.
