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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lexington, North Carolina, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 492 total units, with 392 designated as low-income units. Based on the city's 2022 population of 32,326 and an estimated housing inventory of 12,385 units, LIHTC-funded affordable housing comprises approximately 3.97% of the city's estimated housing stock.
Lexington has received $1,928,188 in project tax credits for affordable housing through the LIHTC program. With approximately 12 projects, this translates to an average federal funding of $160,682 per project and $3,919 per unit. Lexington holds 0.44% of the total state funding for LIHTC projects in North Carolina.
The city's involvement with LIHTC-funded affordable housing began in 1987 with projects such as Hamil East, Hamil West, and Jefferson Village. The most recent completed project on record is from 2015, indicating at least 28 years of affordable housing development in Lexington. The late 1980s experienced the most affordable housing activity, with multiple projects completed in 1987 and 1989.
The LIHTC-funded housing in Lexington offers various unit types. The inventory includes 9 efficiencies, 72 one-bedroom units, 117 two-bedroom units, 164 three-bedroom units, and 28 four-bedroom units, accommodating different household sizes and needs.
Over the past decade, Lexington's population has remained relatively stable, with minor fluctuations. The median income has shown an overall upward trend, increasing from $37,797 in 2013 to $40,576 in 2022. This gradual rise in median income may indicate a slight improvement in the economic conditions of the city's residents.
Racial demographics have experienced some changes. The white population percentage has decreased from 66% in 2013 to 59% in 2022, while the Black population has remained steady at around 19-21%. The Hispanic population has fluctuated slightly, ending at 13% in 2022. The Asian population has shown a small increase from 2% to 4% over the decade.
These demographic changes, particularly the slight decrease in the white population percentage and increases in minority populations, may indicate growing diversity in the city. This could potentially influence the need for diverse affordable housing options to cater to different cultural and economic backgrounds.
Lexington's LIHTC-funded affordable housing program has contributed to the city's housing landscape, providing 492 units with a significant portion dedicated to low-income residents. The program has been active for nearly three decades, with the most intense period of development in the late 1980s. While the LIHTC-funded units represent a small percentage of the estimated housing stock, they provide a range of options from efficiencies to four-bedroom units. The city's changing demographics, including a gradual increase in median income and shifts in racial composition, may continue to shape the demand for affordable housing in the future.