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Gastonia's Affordable Housing: Three Decades of LIHTC Investment
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Gastonia, a city in North Carolina, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. As of 2022, the city had a population of 82,666 and an estimated 31,673 housing units. The LIHTC program has funded 842 total units in Gastonia, with 535 of those specifically designated as low-income units. This represents approximately 2.66% of the city's estimated housing inventory as LIHTC-funded affordable housing units.
Gastonia has received $5,395,410 in project tax credits through the LIHTC program. With approximately 27 projects, this translates to an average of $199,830 in federal funding per project. When considering the total units funded, the average federal funding per unit is about $6,407. Gastonia holds 1.24% of North Carolina's total LIHTC funding, indicating a significant investment in affordable housing for a city of its size.
The first LIHTC project in Gastonia, "Residence," was completed in 1987, while the most recent project, "The Lofts At Union Crossing," was finished in 2021. This 34-year span demonstrates a long-standing commitment to affordable housing in the city. The 2010s saw the most affordable housing activity, with projects like "Gateway Village" (2009), "Evergreen Landing" (2010), and "Bordeaux Apartments" (2012) being completed. The year 2019 was particularly active, with three projects completed: "Cameron-Weldon," "Linwood Terrace," and "Mountain View."
The LIHTC-funded housing in Gastonia offers a diverse range of unit types. There are 257 one-bedroom units, 257 two-bedroom units, 127 three-bedroom units, and 46 four-bedroom units, catering to various household sizes and needs.
Over the past decade, Gastonia has experienced steady population growth, increasing from 71,782 in 2010 to 82,666 in 2022. This 15.2% population increase may have contributed to the continued development of affordable housing projects. The median income in Gastonia has also shown an upward trend, rising from $40,374 in 2013 to $58,745 in 2022. Despite this increase, the continued development of LIHTC projects suggests an ongoing need for affordable housing options.
Racial demographics have remained relatively stable, with a slight decrease in the white population (58% in 2013 to 52% in 2022) and small increases in black (27% to 28%) and Hispanic (10% to 11%) populations. This diversity may influence the need for varied affordable housing options to serve different communities.
Gastonia's LIHTC-funded affordable housing inventory represents a small but significant portion of the city's estimated housing stock. The city has consistently invested in affordable housing over the past three decades, with notable activity in the 2010s. The diverse range of unit types and the continued development of projects despite rising median incomes suggest an ongoing commitment to addressing affordable housing needs in the face of population growth and changing demographics.
