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East Flat Rock: LIHTC's Impact on Affordable Housing in a Growing North Carolina Community
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
East Flat Rock, North Carolina, has a population of 6,060 as of 2022. The city has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, providing 25 low-income units. Based on the estimated housing inventory of 2,322 units, the LIHTC-funded affordable housing covers 1.08% of the city's housing stock.
The LIHTC program has allocated $158,112 in tax credits to East Flat Rock for affordable housing development. This single project, Parkside Commons, represents 0.04% of the total LIHTC funding for North Carolina. The average federal funding per unit in this project is $6,324.
Parkside Commons, completed in 2004, marks the beginning and current end point of LIHTC-funded affordable housing in East Flat Rock. This project has been serving the community for nearly two decades. The housing units in Parkside Commons are primarily composed of one-bedroom and two-bedroom apartments. There are 21 one-bedroom units and 4 two-bedroom units, providing a mix of housing options for different household sizes.
East Flat Rock has experienced demographic shifts over the past decade. The population has grown from 3,783 in 2015 to 6,060 in 2022, indicating a significant increase in residents. The median income has risen from $38,024 in 2015 to $48,572 in 2022, suggesting an overall improvement in economic conditions for the community.
Racial distribution in East Flat Rock has remained relatively stable, with the white population representing the majority. The percentage of white residents has decreased from 79% in 2015 to 65% in 2022. The Hispanic population has increased from 16% in 2015 to 25% in 2022. These demographic changes may influence future affordable housing needs in the community.
East Flat Rock's affordable housing landscape is characterized by a single LIHTC-funded project, Parkside Commons, which has been serving the community since 2004. While this project provides 25 low-income units, it represents a small percentage of the city's estimated housing stock. The demographic trends over the past decade, including population growth and changes in racial composition, may indicate evolving affordable housing needs in the community. Ongoing assessment of affordable housing requirements will be crucial to ensure the needs of low-income residents are met.
