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Affordable Housing in Zip Code 28270: LIHTC Funded Units Amidst Rising Affluence
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 28270 in Charlotte, North Carolina, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. As of 2022, this zip code has 188 LIHTC-funded units, with 94 designated as low-income units. Based on an estimated housing inventory of 12,780 units, LIHTC-funded affordable housing comprises approximately 1.47% of the zip code's housing stock.
The LIHTC program has allocated $710,000 in tax credits to projects in this zip code, representing 0.16% of the state's total LIHTC funding. This equates to about $3,777 in federal funding per LIHTC unit in the area. The affordable housing presence in this zip code spans from 2015 to 2020, with three projects: Sardis Trace (2015), Weddington Road Apartments (2018), and Crown Court Apartments (2020).
The LIHTC-funded housing inventory in this zip code consists of 134 one-bedroom units and 47 two-bedroom units. This distribution suggests a focus on housing for smaller households or individuals.
Over the past decade, zip code 28270 has experienced population growth, increasing from 29,008 in 2010 to 33,355 in 2022. The median income has risen from $107,592 in 2013 to $120,527 in 2022, indicating an increase in affluence in the area.
The racial composition of the zip code has evolved. The white population has decreased from 78% in 2013 to 66% in 2022, while Asian (5% to 10%), Black (7% to 12%), and Hispanic (6% to 9%) populations have increased. This indicates a trend towards greater racial diversity in the area.
The development of LIHTC projects during this period aligns with the population growth and increasing diversity, potentially addressing the need for affordable housing options in an area with rising median incomes.
Zip code 28270 in Charlotte has a modest LIHTC-funded affordable housing inventory, covering about 1.47% of the estimated housing stock. The area has seen consistent development of affordable housing projects from 2015 to 2020, coinciding with population growth and increasing racial diversity. While the median income has risen significantly, the presence of LIHTC projects suggests ongoing efforts to maintain affordable housing options in this increasingly affluent area. The housing mix, predominantly one and two-bedroom units, appears to cater to smaller households within the low-income demographic.
