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Monroe's Affordable Housing: Three Decades of LIHTC Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Monroe, North Carolina, a city with a population of 40,471 as of 2022, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprising 32 units, all of which are designated as low-income. This represents approximately 0.21% of the city's estimated housing inventory of 15,506 units.
Monroe has received $37,663 in project tax credits through the LIHTC program. With two projects, this equates to an average federal funding of $18,831.50 per project and $1,176.97 per unit. The city accounts for 1% of the total state LIHTC funding.
The initial LIHTC project in Monroe, Greenwood East Apartments, was completed in 1987, while the most recent project, Greenwood West Apartments, was finished in 1988. This indicates that LIHTC-funded affordable housing has been present in the city for over three decades. The 1980s saw the highest number of LIHTC-funded affordable housing projects completed in Monroe.
The LIHTC-funded projects in Monroe do not have specific target populations listed, suggesting they may be available to general low-income residents.
Over the past decade, Monroe's population has remained relatively stable, with minor fluctuations. The median income has demonstrated an overall increasing trend, rising from $52,576 in 2013 to $61,265 in 2022. Regarding racial distribution, the city has maintained a diverse population. The white population has slightly decreased from 51% in 2013 to 49% in 2022, while the Hispanic population has grown from 24% to 26% during the same period. The Black population has remained relatively stable at approximately 20%.
Monroe's LIHTC-funded affordable housing inventory, while present for over three decades, covers a small percentage of the city's estimated housing stock. The city has received a modest amount of LIHTC funding, which has been used to create 32 low-income units across two projects. Despite the absence of recent LIHTC projects, the city's demographic data indicates a growing population with increasing median income, which may influence the demand for affordable housing through various programs beyond LIHTC.
