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Hickory's LIHTC Program: Addressing Affordable Housing Needs in a Furniture Manufacturing City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Hickory, North Carolina, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory consists of 658 total units, with 346 designated as low-income units. Based on the 2022 population of 47,946 and an estimated 18,370 housing units, LIHTC-funded affordable housing represents approximately 3.6% of the city's estimated housing stock.
Hickory has received $3,350,607 in LIHTC funding for affordable housing projects. With approximately 15 projects, this translates to an average of $223,374 in federal funding per project, or $5,091 per unit. Hickory holds 0.77% of North Carolina's total LIHTC funding, indicating a significant investment in affordable housing for a city of its size.
The city's affordable housing development spans over three decades, with the earliest LIHTC projects, Walker Apts I and II, completed in 1988, and the most recent, Center Crossing, finished in 2021. The 1990s saw the most activity, with four projects completed during that decade.
The LIHTC-funded units in Hickory offer a diverse range of housing options. Of the 658 total units, there are 4 efficiencies, 213 one-bedroom, 280 two-bedroom, 99 three-bedroom, and 32 four-bedroom units. This distribution caters to various household sizes and needs within the low-income community.
Over the past decade, Hickory's population has shown modest growth, increasing from 44,669 in 2017 to 47,946 in 2022. During this period, the median income rose from $49,698 in 2017 to $57,790 in 2022, indicating improving economic conditions for residents.
The racial composition of Hickory has remained relatively stable, with a slight decrease in the white population from 69% in 2017 to 67% in 2022. The city has seen small increases in its Asian, Black, and Hispanic populations, as well as those identifying as two or more races. This gradual diversification may influence future affordable housing needs and project designs.
Hickory's LIHTC-funded affordable housing inventory represents a significant investment in addressing low-income housing needs. With 658 units across approximately 15 projects, the city has consistently developed affordable housing options over the past three decades. The current inventory covers about 3.6% of the estimated housing stock. Ongoing demographic changes and income trends may influence future affordable housing demands in Hickory. The diverse unit types available through LIHTC projects demonstrate an effort to accommodate various household sizes within the low-income community.
