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Affordable Housing in Zip Code 28806: A Two-Decade LIHTC Investment Analysis
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 28806 in Asheville, North Carolina, contains a substantial inventory of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. This area encompasses 342 total units in LIHTC-funded projects, with 306 of these units designated as low-income. The LIHTC-funded affordable housing represents approximately 2% of the estimated 17,038 housing units in the zip code.
The LIHTC projects in zip code 28806 have received $3,450,870 in tax credits, averaging about $10,090 per unit. This zip code accounts for 0.79% of the state's total LIHTC funding, indicating a significant concentration of affordable housing investment in this area. Affordable housing has been a consistent presence in this zip code for over two decades, with the first LIHTC project, Woodridge Apartments, completed in 1998 and the most recent, The Villas At Fallen Spruce, finished in 2015.
The LIHTC-funded projects in zip code 28806 offer a range of unit types, including 99 one-bedroom units, 154 two-bedroom units, 59 three-bedroom units, and 3 four-bedroom units. This distribution suggests an emphasis on accommodating various household sizes, with a focus on one and two-bedroom units.
Zip code 28806 has experienced steady population growth over the past decade, increasing from 36,667 in 2010 to 44,468 in 2022. The median income has also risen, from $43,019 in 2013 to $51,676 in 2022. Despite this economic growth, the continued presence of LIHTC projects suggests an ongoing need for affordable housing options in the area.
The racial composition of zip code 28806 has remained relatively stable, with the white population consistently representing around 80% of residents. There has been a slight increase in diversity, with small growth in Asian and Hispanic populations. This demographic stability may have influenced the consistent development of affordable housing projects over the years.
Zip code 28806 in Asheville, North Carolina, demonstrates a sustained commitment to affordable housing through LIHTC-funded projects. With 342 total units, including 306 low-income units, these projects play a crucial role in addressing housing needs in the area. The diverse unit types and consistent development over two decades reflect an ongoing effort to provide affordable housing options amidst population growth and rising median incomes. While LIHTC projects cover only a small percentage of the total housing inventory, they represent a significant investment in the community's affordable housing infrastructure.
