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Arbor Glen: LIHTC-Funded Affordable Housing Dominates Neighborhood Inventory
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Arbor Glen, a neighborhood in Charlotte, North Carolina, exhibits a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 167 affordable units, all of which are designated as low-income units. This LIHTC-funded inventory plays a crucial role in addressing the neighborhood's housing needs.
Based on the 2022 population of 431 and the national average household size of 2.61, the estimated housing inventory for Arbor Glen is approximately 165 units. The LIHTC-funded affordable housing covers most of the neighborhood's housing inventory, indicating a strong focus on providing affordable housing options in this area.
The LIHTC program has invested significantly in Arbor Glen, with project tax credits totaling $1,026,810. This translates to an average federal funding of about $6,149 per unit, considering the 167 total units in LIHTC-funded projects. Affordable housing has been a long-standing feature of Arbor Glen, with the first LIHTC project, Arbor Glen At Dalton Village, completed in 2002. The most recent project, Arbor Glen III, was finished in 2005, indicating a three-year period of active affordable housing development in the neighborhood.
The early 2000s saw the most affordable housing activity in Arbor Glen. The larger of the two projects, Arbor Glen At Dalton Village, provides 144 units, while Arbor Glen III contributes an additional 23 units to the neighborhood's affordable housing stock. The LIHTC-funded projects in Arbor Glen offer a diverse range of unit types. The inventory includes 52 one-bedroom units, 22 two-bedroom units, and 39 three-bedroom units. This mix caters to various household sizes and needs within the community.
Over the past decade, Arbor Glen has experienced notable demographic shifts. The population has grown from 313 in 2017 to 431 in 2022, indicating an increasing demand for housing. Median income has also risen significantly, from $22,463 in 2017 to $36,414 in 2022, suggesting improved economic conditions for residents. Racially, the neighborhood has maintained a predominantly Black population, consistently around 90-96% throughout the decade. However, there has been a slight increase in diversity, with the Hispanic population growing from 4% in 2017 to 8% in 2022.
Despite these changes, no new LIHTC projects have been built in Arbor Glen since 2005. This could be due to the existing projects adequately meeting the current affordable housing needs or shifts in housing policy and funding priorities.
Arbor Glen presents a unique case where LIHTC-funded affordable housing comprises a substantial portion of the neighborhood's estimated housing inventory. The two LIHTC projects, completed in the early 2000s, continue to provide a significant number of affordable units to the community. While demographic trends show population growth and increasing median income, the racial composition has remained relatively stable. The lack of recent LIHTC development, coupled with these demographic shifts, suggests a potential equilibrium between affordable housing supply and demand in the neighborhood. However, ongoing monitoring of housing needs would be crucial to ensure continued alignment with the community's evolving demographics and economic conditions.
