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Knightdale's LIHTC-Funded Affordable Housing: A Demographic Perspective
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Knightdale, a North Carolina town with a population of 35,594 as of 2022, covers 7.95 square miles. The Low-Income Housing Tax Credit (LIHTC) program has funded 182 affordable housing units in Knightdale, with 128 designated as low-income units. LIHTC-funded affordable housing comprises approximately 1.3% of the town's estimated 13,638 housing units.
Knightdale has received $2,422,127 in project tax credits for affordable housing through the LIHTC program. This funding is distributed across five projects, averaging $484,425 per project or $13,308 per unit. Knightdale's share of the total state LIHTC funding is 0.55%.
The town's affordable housing development spans over two decades. The first LIHTC project, Westgate Village Apartments, was completed in 1990, and the most recent, Laurel Crossing, in 2013. The 1990s were the most active period for affordable housing development, with three projects completed: Westgate Village Apartments (1990), Park Place Apartments Phase I (1997), and Park Place Apartments Phase II (1999).
The LIHTC-funded housing inventory in Knightdale consists of 36 one-bedroom units, 102 two-bedroom units, and 44 three-bedroom units. This distribution indicates a focus on accommodating small to medium-sized families.
Knightdale's population has grown significantly over the past decade, increasing from 27,003 in 2013 to 35,594 in 2022, a 31.8% increase. The median income has risen from $63,451 in 2013 to $70,778 in 2022, an 11.5% increase. The racial composition has remained relatively stable, with a slight increase in the Black population from 36% in 2013 to 40% in 2022, and a small decrease in the White population from 42% to 37%. The Hispanic population has remained consistent at approximately 16-17%.
Despite population growth, no new LIHTC projects have been completed since 2013. This could be attributed to various factors, including changes in local housing policies, shifts in funding priorities, or the possibility that other affordable housing programs are meeting the town's needs.
Knightdale's LIHTC-funded affordable housing inventory represents a significant investment in addressing low-income housing needs, despite its modest proportion to the total housing stock. The town has experienced consistent population growth and income increases over the past decade, which may influence future affordable housing needs. The existing LIHTC projects, developed primarily in the 1990s and early 2010s, provide a mix of unit sizes to accommodate diverse household compositions. As Knightdale continues to grow, monitoring the balance between population growth, income changes, and affordable housing availability will be crucial for maintaining a diverse and inclusive community.
