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Burlington's Affordable Housing Landscape: LIHTC Projects Span 14 Years
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Burlington, North Carolina, a city with a population of 67,388 as of 2022, has a history rooted in textile manufacturing. The Low-Income Housing Tax Credit (LIHTC) program has contributed to the city's affordable housing options. Burlington currently has 206 total units in LIHTC-funded projects, with 80 designated as low-income units. These units represent approximately 0.8% of the city's total housing stock, estimated at 25,819 units.
Burlington has received $2,342,837 in project tax credits through the LIHTC program. With approximately 5 projects funded, this translates to an average of $468,567 in federal funding per project. The average federal funding per unit is $11,373. Burlington accounts for 0.54% of the total LIHTC funding allocated to North Carolina.
The LIHTC-funded affordable housing in Burlington spans from 2007 to 2021. The earliest projects, Auburn Spring and Auburn Trace Apartments, were completed in 2007. The most recent project, Forestdale Meadows, was completed in 2021. The 2000s saw the most affordable housing activity, with three projects completed during this decade.
In terms of unit distribution, the LIHTC projects in Burlington offer a mix of housing options. There are 60 one-bedroom units, 80 two-bedroom units, and 58 three-bedroom units, catering to various household sizes and needs.
Burlington has experienced steady population growth, increasing from 59,733 in 2013 to 67,388 in 2022, a 12.8% growth. This may have contributed to the need for additional affordable housing options. The median income in Burlington has shown an overall upward trend, rising from $46,649 in 2013 to $52,912 in 2022, a 13.4% increase. However, this increase may not have kept pace with rising housing costs, potentially maintaining the demand for affordable housing options.
Racial demographics in Burlington have remained relatively stable over the past decade, with a slight decrease in the white population (from 58% in 2013 to 52% in 2022) and small increases in Black and Hispanic populations. This gradual diversification of the population may influence the need for culturally sensitive affordable housing options.
Burlington's LIHTC-funded affordable housing inventory has made consistent contributions to the city's housing landscape over the past 14 years. The program has provided a mix of unit types to accommodate various household sizes, with a focus on one- and two-bedroom units. The steady population growth and changing demographics in Burlington suggest an ongoing need for affordable housing options. LIHTC projects form an important part of the affordable housing ecosystem, likely working in conjunction with other programs and initiatives to address the city's overall affordable housing needs.
