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Greensboro's LIHTC Affordable Housing: Decades of Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Greensboro, North Carolina, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 3,226 units, with 2,552 designated as low-income units. This represents approximately 2.8% of the city's estimated 115,371 housing units. The city has received $17,189,841 in project tax credits through the LIHTC program, distributed across approximately 231 projects. This translates to an average of $74,415 in federal funding per project and $5,328 per unit. Greensboro accounts for 3.94% of the total state funding for LIHTC projects.
The development of LIHTC funded affordable housing in Greensboro spans several decades. The earliest recorded projects were completed in 1987, with the most recent project, "Talbot Court," completed in 2021. The 1990s saw a significant increase in affordable housing development, with numerous projects completed during this period. The LIHTC funded housing stock in Greensboro offers a variety of unit types, including 91 efficiencies, 418 one-bedroom units, 1,574 two-bedroom units, 618 three-bedroom units, and 158 four-bedroom units.
Greensboro's population has grown steadily over the past decade, increasing from 279,651 in 2013 to 301,118 in 2022, a growth of approximately 7.7%. The median income in the city has also risen, from $41,150 in 2013 to $55,120 in 2022. Despite this income growth, the continued development of LIHTC projects suggests an ongoing demand for affordable housing options among lower-income residents.
Racial demographics in Greensboro have remained relatively stable over the past decade. The Black population has consistently represented around 40-42% of the total, while the White population has decreased slightly from 47% in 2013 to 39% in 2022. The Hispanic population has grown modestly from 7% to 9% during this period. These demographic shifts may influence the need for diverse and culturally sensitive affordable housing options.
Greensboro's LIHTC funded affordable housing inventory represents a significant effort to address the housing needs of low-income residents. With over 3,000 units spread across numerous projects, the city has maintained a consistent commitment to affordable housing development over several decades. While LIHTC projects cover a small percentage of the overall housing stock, they play a vital role in providing affordable options. The city's demographic trends, including population growth and income changes, underscore the ongoing importance of these housing initiatives in meeting the needs of Greensboro's diverse community.
