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Affordable Housing in Zip Code 28716: LIHTC Investment in Canton, 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 28716 in Canton, North Carolina, covers an area of 157.66 square miles with an estimated population of 16,732 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded one affordable housing project in this zip code, providing 60 units, including 6 designated low-income units. This LIHTC-funded affordable housing represents approximately 0.94% of the zip code's estimated 6,411 housing units.
The LIHTC program has invested $645,136 in tax credits for affordable housing in zip code 28716. This investment amounts to an average federal funding of $10,752 per unit and constitutes 0.15% of North Carolina's total LIHTC funding allocation. The single LIHTC-funded project in this zip code, Smokey Meadows, was completed in 2010 and has been operational for over a decade. Smokey Meadows offers a variety of unit sizes, including 9 one-bedroom units, 32 two-bedroom units, and 19 three-bedroom units.
Zip code 28716 has experienced a slight population decline over the past decade, decreasing from 17,498 in 2013 to 16,732 in 2022. Despite this decrease, the median income has increased from $46,932 in 2013 to $53,963 in 2022. This rise in median income may suggest a reduced need for additional affordable housing in recent years.
The racial composition of zip code 28716 has remained relatively stable, with a predominantly white population (91% in 2022). There has been a minor increase in racial diversity, with the Hispanic population growing from 2% in 2013 to 4% in 2022, and the percentage of residents identifying as two or more races increasing from 1% to 4% during the same period.
The LIHTC program has made a modest contribution to affordable housing in zip code 28716, with one project providing 60 units, including 6 low-income units. This represents a small percentage of the estimated housing stock. The zip code has experienced a slight population decline and an increase in median income over the past decade, which may influence the perceived need for additional affordable housing. The area's racial composition has remained relatively stable, with a slight increase in diversity. These demographic trends, along with other local factors, likely influence the affordable housing landscape in this zip code.
