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Conover's LIHTC Program: A Modest Contribution to Affordable Housing
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Conover, a city in North Carolina, has a presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory consists of 54 total affordable units, all of which are designated as low-income units. Based on the 2022 population of 13,779 and an estimated 5,279 housing units, the LIHTC funded affordable housing represents approximately 1.02% of the city's estimated housing inventory.
Conover has received $293,878 in project tax credits through the LIHTC program. With two approximate projects, this translates to an average of $146,939 in federal funding per project. When divided by the total number of units, it equates to about $5,442 in federal funding per unit. Conover holds 0.07% of North Carolina's total LIHTC funding, indicating a relatively small but significant contribution to the state's affordable housing efforts.
The city's LIHTC-funded affordable housing spans from 1989 to 2005, showcasing a 16-year period of affordable housing development. The first project, "Bmw Apt Rehab," was completed in 1989, while the most recent, "The Park At Cline Village," was finished in 2005. The 2000s saw the most substantial affordable housing development in Conover. Examining the unit distribution, the city's LIHTC inventory comprises 35 one-bedroom units and 13 two-bedroom units. This mix suggests a focus on accommodating smaller households or individuals.
Over the past decade, Conover's population has remained relatively stable, fluctuating between 13,500 and 14,300 residents. The median income has shown an overall upward trend, rising from $49,090 in 2013 to $55,087 in 2022, with some fluctuations in between.
Racial demographics have seen subtle shifts. The white population has remained the majority, consistently representing around 73-74% of the population. The Hispanic population has shown a gradual increase from 6% in 2017 to 14% in 2022. The Black population has decreased from 7% in 2013 to 2% in 2022, while the Asian population has increased slightly from 2% in 2013 to 4% in 2022.
The lack of new LIHTC projects since 2005 could be related to the relatively stable population and increasing median income, potentially indicating a reduced need for additional affordable housing units through this specific program.
Conover's LIHTC-funded affordable housing inventory, while modest, provides 54 low-income units, representing about 1.02% of the city's estimated housing stock. The city has received nearly $300,000 in tax credits, averaging over $5,400 per unit. The LIHTC projects in Conover span from 1989 to 2005, with a focus on one and two-bedroom units. While the population has remained stable over the past decade, there have been notable shifts in racial demographics and an overall increase in median income. These factors may have influenced the lack of new LIHTC developments since 2005, though other affordable housing programs not covered in this analysis may also be contributing to the city's affordable housing landscape.
