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Affordable Housing in Zip Code 28804: LIHTC Inventory and Demographic Trends in Woodfin, 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
The zip code 28804, located in Woodfin, North Carolina, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 161 total units, with 80 designated as low-income units. Based on the 2022 population of 25,006 and an estimated 9,581 housing units, LIHTC funded affordable housing comprises approximately 1.68% of the zip code's estimated housing inventory.
LIHTC projects in zip code 28804 have received $1,233,683 in project tax credits, averaging $7,662 per unit. This funding represents 0.28% of North Carolina's total LIHTC allocation, indicating a modest investment in affordable housing for this area.
Affordable housing has been present in zip code 28804 since at least 2005, with the completion of Northpoint Commons. The most recent projects, The Larchmont and The Homestead Apartments, were completed in 2012. The 2000s decade saw the most affordable housing projects completed, with three out of four projects built during this period.
The LIHTC funded housing in zip code 28804 offers a mix of unit types, with 52 one-bedroom, 75 two-bedroom, and 16 three-bedroom units. This distribution suggests a focus on accommodating small to medium-sized households.
Over the past decade, zip code 28804 has experienced steady population growth, increasing from 20,994 in 2013 to 25,006 in 2022. The median income has also risen significantly, from $60,014 in 2013 to $72,607 in 2022. Despite this economic growth, there have been no new LIHTC projects since 2012, which could indicate a shift in housing needs or priorities.
The racial composition of zip code 28804 has remained relatively stable, with a slight decrease in the white population from 90% in 2013 to 86% in 2022, and small increases in Hispanic and Asian populations. This demographic stability may have influenced the lack of new LIHTC developments in recent years.
Zip code 28804 has a modest LIHTC funded affordable housing inventory, covering about 1.68% of the estimated housing units. The area saw most of its affordable housing development in the 2000s, with no new projects since 2012. Despite rising population and median income, the racial composition has remained relatively stable. The existing LIHTC projects provide a mix of unit types, primarily serving small to medium-sized households. While zip code 28804 has received a small portion of North Carolina's LIHTC funding, it has contributed to creating affordable housing options in the area.
