Loading Content...
Archdale's LIHTC-Funded Affordable Housing: A Decade of Stability
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Archdale, North Carolina, with a population of 20,233 as of 2022, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 36 units. These units, all designated as low-income, represent approximately 0.46% of the city's estimated 7,752 housing units.
Archdale has received $99,550 in project tax credits through the LIHTC program. This funding is distributed across three projects, averaging $33,183 in federal funding per project and $2,765 per unit. Archdale's LIHTC funding accounts for 0.02% of North Carolina's total.
The city's LIHTC-funded affordable housing projects were developed between 1992 and 1995. All three projects, namely Victorian Arms Apts (1992), Victorian Arms II (1995), and Victorian Arms Phase II (1995), were completed during the 1990s. The inventory consists of 24 one-bedroom units and 12 two-bedroom units, suggesting a focus on smaller households or individuals.
Archdale's population has grown slightly from 19,448 in 2013 to 20,233 in 2022. The median income has increased by 18%, from $46,747 in 2013 to $55,225 in 2022.
The city's racial demographics have shifted over the past decade. The white population decreased from 80% in 2013 to 72% in 2022. The Asian population increased from 6% to 9%, while the Black population grew from 6% to 8%. The Hispanic population also increased from 5% to 8%.
Despite population growth and income increases, no new LIHTC projects have been developed in Archdale in the last decade. This may indicate that other affordable housing initiatives or market conditions are addressing low-income housing needs in the city.
Archdale's LIHTC-funded affordable housing stock provides 36 low-income units to the community. The city's demographic trends show a growing and diversifying population with increasing median income. The absence of recent LIHTC projects, combined with these demographic changes, may necessitate further investigation into the current affordable housing needs and strategies in Archdale.
