Loading Content...
Affordable Housing Inventory in Zip Code 28712: Two Decades of LIHTC Investment in Brevard, North Carolina
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 28712, located in Brevard, North Carolina, contains a significant inventory of affordable housing funded through the Low-Income Housing Tax Credit (LIHTC) program. This zip code, encompassing 147.31 square miles, includes 232 total units in LIHTC-funded projects, with 178 designated as low-income units. The estimated housing inventory in this zip code is approximately 7,547 units, based on the 2022 population of 19,698 and utilizing the national average household size. LIHTC-funded affordable housing represents about 3.07% of the estimated housing inventory in this area.
The LIHTC projects in zip code 28712 have received $2,039,070 in tax credits, averaging $8,789 in federal funding per unit. This zip code accounts for 0.47% of North Carolina's total LIHTC funding, indicating a small but notable portion of the state's affordable housing investment. Affordable housing has been present in this zip code for over two decades, with the first LIHTC project, Cedar Hill Apts, completed in 1992 and the most recent, Cottages At Brevard, finished in 2013. The 2010s saw the most activity, with two projects completed in 2011 and 2013.
The LIHTC-funded housing in zip code 28712 offers a range of unit types. Of the 232 total units, 99 are one-bedroom, 91 are two-bedroom, and 34 are three-bedroom units. This distribution suggests accommodation for various household sizes, from individuals to small families.
Over the past decade, zip code 28712 has experienced modest population growth, increasing from 18,931 in 2010 to 19,698 in 2022. Median income has risen significantly, from $42,232 in 2013 to $56,864 in 2022, potentially indicating an increased need for affordable housing options as the cost of living increases.
The racial composition of zip code 28712 has remained relatively stable, with a slight increase in diversity. The white population decreased marginally from 86% in 2013 to 89% in 2022, while the Black population increased from 4% to 6% during the same period. The Hispanic population has remained steady at around 3-4%.
It is noteworthy that no new LIHTC projects have been completed in zip code 28712 since 2013, despite population and income growth. This may suggest that other affordable housing programs are addressing the evolving needs of the community, or that there is a potential gap in affordable housing development in recent years.
In summary, zip code 28712 has a modest LIHTC-funded affordable housing inventory, covering about 3.07% of the estimated housing stock. The area has seen consistent investment in affordable housing over two decades, with projects catering to various household sizes. While population and median income have grown in the past decade, no new LIHTC projects have been completed since 2013. This analysis highlights the ongoing importance of affordable housing initiatives in the area and suggests potential opportunities for future development to meet the evolving needs of the community.
