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Affordable Housing Landscape in Zip Code 27514: LIHTC Contributions and Demographic Shifts
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 27514 in Chapel Hill, North Carolina, contains 87 affordable housing units funded through the Low-Income Housing Tax Credit (LIHTC) program. All of these units are designated as low-income. Based on the 2022 population of 28,289 and the national average household size, the estimated housing inventory in this zip code is approximately 10,839 units. The LIHTC-funded affordable housing represents about 0.8% of the estimated housing inventory in zip code 27514.
The LIHTC projects in zip code 27514 have received $507,435 in tax credits, averaging $5,833 per unit. This funding constitutes 0.12% of the total LIHTC credits allocated in North Carolina. Affordable housing has existed in this zip code since 1994, with the most recent project completed in 2008, encompassing a 14-year period of LIHTC development.
The 2000s experienced the most affordable housing activity, with the completion of Dobbins Hill II in 2008. The affordable housing inventory in zip code 27514 comprises 8 one-bedroom units, 40 two-bedroom units, 36 three-bedroom units, and 3 four-bedroom units, offering a range of housing options for low-income residents.
Over the past decade, the population in zip code 27514 has remained relatively stable, fluctuating between 28,000 and 29,600 residents. The median income has shown an upward trend, increasing from $70,523 in 2013 to $83,251 in 2022. This increase in median income may partially explain the absence of new LIHTC projects in recent years.
Racial demographics in zip code 27514 have shifted slightly. The white population decreased from 72% in 2013 to 63% in 2022. The Asian population increased from 10% to 15%, and the Hispanic population grew from 5% to 8% during the same period. The black population remained relatively stable, ranging between 7% and 10%.
The LIHTC program has contributed to the affordable housing inventory in zip code 27514, providing 87 low-income units across two projects. These units represent a small percentage of the estimated housing inventory but offer diverse housing options for low-income residents. The lack of new LIHTC projects in the last decade coincides with rising median incomes and evolving racial demographics in the area. This analysis provides insights into the affordable housing landscape in this Chapel Hill zip code, highlighting the role of LIHTC in addressing housing needs within the community.
