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Affordable Housing Trends in Zip Code 28273: Three Decades of LIHTC Development in Charlotte
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 28273 in Charlotte, North Carolina, has a substantial Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area contains 728 total units in LIHTC funded projects, with 618 designated as low-income units. Based on the 2022 population of 48,124 and an estimated 18,438 housing units, LIHTC funded affordable housing comprises approximately 3.95% of the zip code's estimated housing inventory.
The LIHTC program has invested significantly in this zip code, with project tax credits totaling $2,877,643. This equates to an average federal funding of $3,952 per unit in LIHTC funded projects. Notably, this zip code accounts for 0.66% of North Carolina's total LIHTC funding, indicating its importance in the state's affordable housing landscape.
The affordable housing presence in this zip code spans several decades. The earliest LIHTC project, Summerfield Apartments, was completed in 1992, while the most recent, Guardian Angel Villa, was finished in 2019. This 27-year period demonstrates a sustained commitment to affordable housing in the area. The 2010s saw the most affordable housing activity, with projects like Steele Creek Seniors Apartments (2011) and Chambers Point At Ayrsley (2013) being completed.
The LIHTC funded projects in this zip code offer a diverse range of housing options. There are 195 one-bedroom units, 377 two-bedroom units, 98 three-bedroom units, and 4 four-bedroom units, catering to various household sizes and needs.
Over the past decade, zip code 28273 has experienced significant demographic changes. The population has grown from 30,713 in 2010 to 48,124 in 2022, a 56.7% increase. This rapid growth may have contributed to the need for additional affordable housing options.
Median income in the area has also risen, from $64,425 in 2013 to $72,323 in 2022, an increase of about 12.3%. Despite this growth, the continued development of LIHTC projects suggests an ongoing need for affordable housing options.
The racial composition of the zip code has shifted over the past decade. The Black population increased from 34% in 2013 to 41% in 2022, while the White population decreased from 32% to 24%. The Hispanic population remained relatively stable at around 22%. These demographic changes may influence the demand for affordable housing in the area.
Zip code 28273 in Charlotte, North Carolina, has a substantial LIHTC funded affordable housing inventory, covering nearly 4% of the estimated housing units. With over $2.8 million in project tax credits and a diverse range of unit types, the LIHTC program has made a significant impact on affordable housing in this area. The sustained development of LIHTC projects over nearly three decades, coupled with rapid population growth and demographic shifts, underscores the ongoing importance of affordable housing initiatives in this community.
