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Conway, North Carolina: LIHTC's Impact on Affordable Housing in a Small Town
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Conway, North Carolina, a small town, has utilized the Low-Income Housing Tax Credit (LIHTC) program for affordable housing development. The town's LIHTC-funded affordable housing inventory comprises 32 units, all designated as low-income. This accounts for approximately 7.9% of Conway's estimated 404 housing units.
The LIHTC program has provided Conway with $54,464 in project tax credits for affordable housing development. With one project funded, this equates to an average federal funding of $54,464 per project and $1,702 per unit. Conway's LIHTC allocation represents about 1% of North Carolina's total state funding, indicating a modest contribution to the state's affordable housing efforts.
Conway's involvement with LIHTC-funded affordable housing began in 1990 with the completion of Conway Park Apartments. This project has provided affordable housing options for over three decades, demonstrating a sustained commitment to addressing local housing needs.
The affordable housing inventory in Conway consists entirely of one- and two-bedroom units. There are 14 one-bedroom units and 18 two-bedroom units, accommodating various household sizes within the low-income population.
Demographic trends over the past decade show correlations with the LIHTC housing landscape. Conway's population has declined from 1,706 in 2014 to 1,054 in 2022. Despite this decrease, the median income has increased from $31,414 in 2014 to $41,122 in 2022, suggesting a changing economic landscape.
The racial composition of Conway has remained relatively stable over the past decade. The Black population has ranged between 38% and 50%, while the White population has varied between 45% and 61%. The Hispanic population has notably increased from 1% in 2013 to 11% in 2022, indicating growing diversity.
In conclusion, Conway's LIHTC-funded affordable housing inventory plays a significant role in meeting low-income residents' needs. The town's single LIHTC project, completed in 1990, continues to provide a substantial number of affordable units relative to the town's size. While the population has decreased, the rising median income and changing racial demographics suggest evolving housing needs that may require ongoing attention to ensure adequate affordable housing options for all residents.
