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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 28031 in Cornelius, North Carolina has a population of 32,081 as of 2022, with an estimated housing inventory of approximately 12,292 units. The Low-Income Housing Tax Credit (LIHTC) program has funded 180 affordable housing units in this area, all of which are designated as low-income units. This LIHTC-funded affordable housing covers about 1.46% of the estimated housing inventory in the zip code.
The LIHTC projects in this zip code have received $1,974,245 in tax credits, averaging approximately $10,968 in federal funding per unit. This represents 0.45% of the total LIHTC funding allocated to North Carolina.
The area has seen LIHTC-funded affordable housing development since at least 2012, with the completion of Antiquity Heights. The most recent project, Renaissance At Antiquity, was completed in 2015. This indicates that affordable housing has been present in the zip code for at least a decade.
The 2010s saw the most affordable housing development in this area, with both LIHTC projects completed during this decade. The inventory consists of 7 one-bedroom units, 91 two-bedroom units, and 19 three-bedroom units, catering to a variety of household sizes.
Over the past decade, the population in this zip code has grown steadily, increasing from 24,215 in 2010 to 32,081 in 2022. The median income has also risen, from $91,693 in 2013 to $106,557 in 2022. Despite this growth in population and income, there have been no new LIHTC projects since 2015.
The racial composition of the area has remained relatively stable, with a slight decrease in the white population from 84% in 2013 to 83% in 2022, and small increases in other racial groups. The Hispanic population, for instance, has grown from 6% to 7% during this period.
The LIHTC program has contributed to the affordable housing inventory in zip code 28031, providing 180 low-income units. While this represents a small percentage of the overall estimated housing stock, it is important to note that other affordable housing programs may also be present in the area. The zip code has seen significant population and income growth over the past decade, which may influence future affordable housing needs. Despite this growth, no new LIHTC projects have been developed since 2015, suggesting that other factors may be influencing affordable housing development in this area.