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Leland's Affordable Housing: LIHTC Program's Impact on a Growing North Carolina Town
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Leland, a town in North Carolina, has experienced significant growth in recent years. The city's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory consists of 136 total units, with 123 of these designated as low-income units. Based on the estimated housing inventory of 11,726 units, the LIHTC-funded affordable housing covers approximately 1.16% of the city's housing stock.
Leland has received $1,230,986 in project tax credits through the LIHTC program. With two approximate projects, this translates to an average of $615,493 in federal funding per project. The average federal funding per unit is $9,051. Leland holds 0.28% of North Carolina's total LIHTC funding.
The first LIHTC project in Leland, Egret Pointe, was completed in 2007, while the most recent project, Westgate Senior Apartments, was finished in 2013. This indicates that affordable housing has been present in the city for at least 15 years. The 2010s saw the most affordable housing development activity in Leland.
The LIHTC-funded housing in Leland consists of 52 one-bedroom units, 68 two-bedroom units, and 16 three-bedroom units. This distribution suggests a focus on accommodating smaller households and families.
Over the past decade, Leland has experienced substantial population growth, increasing from 18,429 in 2010 to 30,606 in 2022. The median income has also risen, from $61,777 in 2013 to $70,754 in 2022. Despite this growth, no new LIHTC projects have been completed since 2013.
The racial composition of Leland has remained relatively stable, with a slight increase in diversity. The white population decreased from 79% in 2017 to 78% in 2022, while the Black population remained steady at around 10%. The Hispanic population saw a small increase from 5% to 6% during this period.
Leland's LIHTC-funded affordable housing inventory, while modest in size, has been a part of the community for over a decade. The town has seen significant population and income growth in recent years, which may influence future affordable housing needs. Despite the lack of new LIHTC projects since 2013, the existing inventory continues to provide important housing options for low-income residents in this rapidly growing North Carolina town.
