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LIHTC-Funded Affordable Housing in Charlotte's Cherry Neighborhood: A Demographic Analysis
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Cherry neighborhood in Charlotte, North Carolina, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The neighborhood contains 153 total units in LIHTC-funded projects, with 126 designated as low-income units. Based on the 2022 population of 1,360 and an estimated 521 housing units, LIHTC-funded affordable housing comprises approximately 29.4% of the neighborhood's estimated housing inventory. This percentage indicates a substantial presence of affordable housing in Cherry.
LIHTC projects in Cherry have received $1,651,398 in tax credits, averaging about $10,793 per unit across all LIHTC-funded projects. This investment demonstrates significant federal support for affordable housing in the area. Cherry Gardens, completed in 2010, is the earliest LIHTC project in the neighborhood, while The Oaks At Cherry, finished in 2018, represents the most recent development. This eight-year span indicates a sustained effort to provide affordable housing in Cherry. The 2010s saw the most affordable housing activity, with two of the three projects completed during this decade.
The affordable housing inventory in Cherry is diverse, consisting of 77 one-bedroom units, 57 two-bedroom units, 17 three-bedroom units, and 2 four-bedroom units. This mix accommodates various household sizes and needs within the community.
Over the past decade, Cherry has experienced significant demographic changes. The population has grown substantially, from 840 in 2010 to 1,360 in 2022, a 61.9% increase. This growth may have contributed to the need for additional affordable housing options, as evidenced by the completion of The Oaks At Cherry in 2018.
Median income in the neighborhood has also risen, from $46,357 in 2013 to $66,717 in 2022, a 43.9% increase. Despite this growth, the continued development of affordable housing suggests an ongoing need for low-income options in a potentially gentrifying area.
Racial demographics have shifted as well. The white population increased from 61% in 2013 to 65% in 2021, before decreasing slightly to 61% in 2022. Conversely, the Black population decreased from 30% in 2013 to 20% in 2021, before rising to 26% in 2022. These changes may reflect broader neighborhood transformations and could influence future affordable housing needs.
Cherry's LIHTC-funded affordable housing inventory plays a significant role in the neighborhood, covering nearly 30% of the estimated housing units. The area has seen sustained investment in affordable housing over the past decade, with projects catering to various household sizes. The neighborhood's rapid population growth, rising median income, and shifting racial demographics underscore the importance of maintaining and potentially expanding affordable housing options to ensure a diverse and inclusive community.
