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LIHTC Affordable Housing in Zip Code 27376: Analysis of Pinehurst Senior Apartments
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 27376, located in North Carolina, encompasses the Seven Lakes area. This zip code has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory consisting of 56 total affordable units, all of which are designated as low-income units. Based on the estimated housing inventory of 3,308 units, the LIHTC funded affordable housing covers approximately 1.69% of the zip code's housing stock.
The LIHTC program has provided $461,402 in tax credits for affordable housing projects in this zip code. This translates to an average federal funding of $8,239 per unit. Zip code 27376 accounts for 0.11% of the total LIHTC funding allocated to North Carolina.
The Pinehurst Senior Apartments, completed in 2018, is the sole LIHTC funded project in this area. This development marks the beginning of LIHTC-supported affordable housing in the zip code. The project consists of 56 units, with a mix of 35 one-bedroom and 21 two-bedroom apartments, catering to the needs of the senior population.
Over the past decade, the population in zip code 27376 has fluctuated, with a slight overall increase from 8,226 in 2010 to 8,634 in 2022. The median income has shown an upward trend, rising from $61,581 in 2013 to $66,993 in 2022, indicating a general improvement in economic conditions.
Racial demographics have remained relatively stable, with a slight decrease in the white population from 82% in 2013 to 73% in 2022. There has been a small increase in racial diversity, with the Black population growing from 12% to 14% and the percentage of those identifying as two or more races increasing from 2% to 10% during the same period.
The introduction of the Pinehurst Senior Apartments in 2018 aligns with the area's demographic shifts, potentially addressing the needs of an aging population within zip code 27376.
Zip code 27376 has a modest LIHTC funded affordable housing presence, with one project dedicated to senior housing. The affordable housing stock covers a small percentage of the estimated housing inventory, representing a targeted effort to address the needs of a specific demographic. The area has experienced slight population growth and income increases over the past decade, along with a gradual increase in racial diversity. These demographic trends may influence future affordable housing needs and development in zip code 27376.
