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Affordable Housing Landscape in Zip Code 27591: A 31-Year LIHTC Investment
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 27591, located in Wendell, North Carolina, has a diverse affordable housing landscape supported by the Low-Income Housing Tax Credit (LIHTC) program. This area hosts 250 affordable housing units, all of which are designated as low-income units. With an estimated 9,736 housing units in the zip code based on the 2022 population, the LIHTC-funded affordable housing covers approximately 2.57% of the total housing inventory.
The LIHTC program has invested significantly in this zip code, with project tax credits totaling $1,191,860. This translates to an average federal funding of $4,767 per affordable unit. Notably, this zip code accounts for 0.27% of the total LIHTC funding allocated to North Carolina.
Affordable housing has been a long-standing feature of this community, with projects spanning from 1989 to 2020. The first LIHTC project, Cedarfield Village Apartments, was completed in 1989, while the most recent addition, Crestfield Apartments, was finished in 2020. This 31-year span demonstrates a consistent commitment to affordable housing in the area.
The 2010s saw the most activity in affordable housing development, with three projects completed during this decade: Sandy Ridge Apartments (2011), Alexander Place (2013), and Crestfield Apartments (2020).
The housing mix in LIHTC-funded projects includes 85 one-bedroom units, 112 two-bedroom units, and 18 three-bedroom units, catering to various household sizes and needs.
Over the past decade, zip code 27591 has experienced significant population growth, increasing from 19,226 in 2015 to 25,410 in 2022. This 32% population increase may have contributed to the need for additional affordable housing, as evidenced by the completion of Crestfield Apartments in 2020.
Median income in the area has risen from $64,312 in 2015 to $71,687 in 2022, representing an 11.5% increase. Despite this growth, the continued development of affordable housing suggests an ongoing need for low-income options.
The racial composition of zip code 27591 has become more diverse over the past decade. The white population decreased from 59% in 2015 to 50% in 2022, while the Hispanic population increased from 17% to 25%, and the Black population grew slightly from 19% to 22%. This demographic shift may have influenced the demand for diverse housing options, including affordable units.
The analysis of LIHTC-funded affordable housing in zip code 27591 reveals a consistent commitment to providing low-income housing options over the past three decades. With 250 affordable units, representing 2.57% of the estimated housing inventory, the LIHTC program has made a notable contribution to the area's housing landscape. The zip code has experienced significant population growth and increasing diversity, which may have influenced the ongoing development of affordable housing projects. While median income has risen, the continued investment in LIHTC projects suggests a persistent need for affordable options in this growing community.
