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Fayetteville's Affordable Housing: A Three-Decade LIHTC Journey
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Fayetteville, North Carolina, possesses a substantial Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city contains 2,214 total units in LIHTC-funded projects, with 1,791 designated as low-income units. This inventory represents approximately 2.8% of the city's estimated 80,034 housing units.
Fayetteville has received $14,692,186 in project tax credits for affordable housing through the LIHTC program. The city has approximately 34 projects, averaging $432,123 in federal funding per project. The average federal funding per unit is $6,636, considering the total 2,214 units in LIHTC-funded projects. Fayetteville holds 3.37% of North Carolina's total LIHTC funding.
The city's affordable housing development spans nearly three decades. The earliest LIHTC projects, Pwe Adams Court Apts and Adams Court Apts, were completed in 1993. The most recent project, Mcarthur Park II, was completed in 2021. The 2000s experienced the most significant affordable housing development, with multiple projects completed each year. Notable projects from this period include Blanton Green Apts (2000), Rosehill West Apts (2002), and Bunce Green Apts (2005).
The LIHTC-funded housing inventory in Fayetteville offers various unit types. The city has 342 one-bedroom units, 1,122 two-bedroom units, 451 three-bedroom units, and 1 four-bedroom unit. This distribution indicates an effort to accommodate families of different sizes.
Fayetteville's population has grown modestly, increasing from 201,965 in 2015 to 208,888 in 2022. The median income rose from $40,408 in 2015 to $56,685 in 2022, suggesting improved economic conditions for some residents. However, this increase may not reflect the situation for all population segments, potentially maintaining the need for affordable housing.
The racial composition of Fayetteville has remained relatively stable. The white population decreased slightly from 39% in 2015 to 35% in 2022, while the Black population increased from 40% to 41% during the same period. The Hispanic population has remained steady at around 12-13%. This diversity emphasizes the importance of maintaining a varied affordable housing stock to meet different communities' needs.
Fayetteville's LIHTC-funded affordable housing inventory represents a significant investment in addressing low-income residents' housing needs. With 2,214 total units, including 1,791 designated as low-income, the program has made a substantial contribution to the city's affordable housing stock. The consistent development of LIHTC projects over nearly three decades demonstrates a long-term commitment to affordable housing in the city. While the current inventory covers a small percentage of the estimated housing stock, it provides crucial support for many residents. The diverse unit types available cater to various household sizes, reflecting an effort to meet the needs of different family structures within the community.
