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Affordable Housing in Zip Code 28605: A Three-Decade LIHTC Project in Blowing Rock, 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 28605, located in Blowing Rock, North Carolina, has a single Low Income Housing Tax Credit (LIHTC) funded affordable housing project. This project, Ransom Street Apts, was completed in 1994 and has been providing affordable housing for nearly three decades. The LIHTC program has allocated $22,613 in tax credits to this zip code, representing 0.01% of North Carolina's total LIHTC funding.
The affordable housing inventory in zip code 28605 consists of 13 units, all of which are designated as low-income units. These units represent approximately 0.73% of the estimated 1,775 total housing units in the zip code. The LIHTC funding equates to an average federal funding of about $1,739 per unit. Ransom Street Apts comprises 12 one-bedroom apartments and 1 two-bedroom unit, suggesting a focus on housing for smaller households or individuals.
Demographic analysis of zip code 28605 reveals modest population growth over the past decade. The population increased from 4,302 in 2015 to 4,634 in 2022. Concurrently, the median income rose significantly from $46,683 in 2015 to $61,625 in 2022, indicating improving economic conditions for some residents. The racial composition has remained relatively stable, with the white population consistently representing over 90% of residents, although there has been a slight increase in diversity.
Despite the demographic changes observed in zip code 28605, there have been no new LIHTC projects in the last decade. This lack of new affordable housing development could be attributed to various factors, including the rising median income, which might suggest less need for additional low-income housing, or potentially limited available land for new development in the area.
The LIHTC program's investment in zip code 28605, while small in comparison to the state's total allocation, has provided consistent affordable housing options for nearly 30 years. The single project, Ransom Street Apts, continues to serve the community by offering 13 units of affordable housing. However, these units represent a small percentage of the estimated total housing inventory in the zip code.
In conclusion, zip code 28605 in Blowing Rock, North Carolina, presents a unique case of LIHTC funded affordable housing. With a single project that has been operational for almost three decades, the area has maintained a small but stable affordable housing inventory. The demographic shifts observed over the past decade, including population growth and increased median income, may influence future affordable housing needs and development in this zip code.
