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Analysis of Affordable Housing in ZIP Code 28215: A Growing Charlotte Community
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 28215 in Charlotte, North Carolina, contains 470 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. This area spans 29.15 square miles and had a population of 65,160 in 2022. Based on the national average household size of 2.61, the estimated housing inventory for this ZIP code is approximately 24,966 units. The LIHTC-funded affordable housing units constitute about 1.88% of the estimated housing inventory in this ZIP code.
The LIHTC projects in ZIP code 28215 have received $946,067 in project tax credits, averaging approximately $2,013 in federal funding per unit. This ZIP code accounts for 0.22% of the total state LIHTC funding, indicating a modest contribution to North Carolina's affordable housing efforts.
Affordable housing development in this ZIP code spans nearly two decades. The earliest known project, Timber Ridge, was completed in 2004, while the most recent, Cedarwood Pointe, was finished in 2020. The 2010s saw the most significant activity in affordable housing development, with projects such as Parkside At Hickory Grove completed in 2019.
The LIHTC-funded housing in ZIP code 28215 offers a range of unit types, including 24 one-bedroom, 75 two-bedroom, 61 three-bedroom, and 26 four-bedroom units. This distribution indicates accommodation for various family sizes and household compositions.
ZIP code 28215 experienced steady population growth over the past decade, increasing from 50,489 in 2010 to 65,160 in 2022. This 29% population increase may have contributed to the demand for additional affordable housing options.
Median income in ZIP code 28215 has shown an overall upward trend, rising from $49,888 in 2013 to $57,133 in 2022. Despite this increase, the continued development of LIHTC projects suggests an ongoing need for affordable housing options.
The racial composition of ZIP code 28215 has remained relatively stable, with a predominantly Black population (approximately 50%) and a significant Hispanic presence (about 20-21%). The White population has slightly decreased from 25% in 2013 to 22% in 2022. This demographic makeup may influence the demand for affordable housing options that cater to various cultural and socioeconomic needs.
ZIP code 28215 in Charlotte, North Carolina, demonstrates a consistent commitment to affordable housing through LIHTC-funded projects. The current inventory of 470 low-income units represents a small percentage of the estimated housing stock but provides crucial housing options for the area's diverse population. The ongoing development of LIHTC projects, even as median income has increased, suggests a continued need for affordable housing in this growing community. The variety of unit types offered caters to different household sizes, reflecting the ZIP code's demographic diversity and evolving housing needs.
