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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Five Points, a neighborhood in Raleigh, North Carolina, has a population of 9,249 as of 2022. The area contains 13 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units, all designated as low-income. These units represent approximately 0.37% of the neighborhood's estimated 3,544 housing units.
The LIHTC program has invested $199,502 in tax credits for affordable housing projects in Five Points, averaging $15,346 per unit in federal funding. LIHTC-funded affordable housing has been present in the neighborhood since 1993, with the first project being Westoaks Apts. The most recent projects, 815 Clay St and Clay Street Partners, were completed in 1995, indicating a 28-year presence of LIHTC-funded affordable housing.
All three LIHTC affordable housing projects in Five Points were completed during the 1990s. Westoaks Apts, the largest project, provides 5 units, including 4 two-bedroom and 1 three-bedroom unit. The other two projects, 815 Clay St and Clay Street Partners, each offer 4 one-bedroom units.
Five Points has experienced population growth over the past decade, increasing from 8,121 in 2013 to 9,249 in 2022. The median income has risen from $95,128 in 2013 to $120,948 in 2022. This significant increase in median income may explain the absence of new LIHTC projects in the neighborhood since 1995.
The racial composition of Five Points has remained predominantly white, decreasing slightly from 94% in 2019 to 89% in 2022. The Hispanic population has increased modestly from 3% to 6% during the same period. The black population has remained stable at 2% since 2019.
Five Points has a small inventory of LIHTC-funded affordable housing, comprising less than 1% of the estimated housing stock. All LIHTC projects in the neighborhood were developed in the 1990s, with no new projects in recent years. The rising median income and stable racial composition indicate changes in the neighborhood's socioeconomic landscape since the initial LIHTC investments. While the existing LIHTC units contribute to the neighborhood's affordable housing options, the current inventory may not fully address the potential need for affordable housing in the area, considering that typically 30% of a population requires such housing.