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Morganton's LIHTC-Funded Affordable Housing: Two Decades of Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Morganton, North Carolina, demonstrates a distinctive affordable housing landscape influenced by the Low-Income Housing Tax Credit (LIHTC) program. The city contains 338 total units in LIHTC-funded projects, with 284 designated as low-income units. LIHTC-funded affordable housing comprises approximately 3.2% of the city's estimated 10,490 housing units.
Morganton has received $1,497,682 in project tax credits through the LIHTC program. With 8 projects, this equates to an average of $187,210 in federal funding per project, or $4,431 per unit. Morganton's LIHTC funding represents 0.34% of North Carolina's total state credits.
The city's involvement with LIHTC-funded affordable housing began in 1995 with the completion of Meadow Brook and continued through 2016 with the Sienna project, spanning over two decades. The 2000s were the most active period, with five projects completed: Willow Run, Millside Manor Apts, Morgan Hills Apts, Willow Ridge, and Glenwood Hills.
LIHTC projects in Morganton offer diverse housing options. There are 114 one-bedroom units, 136 two-bedroom units, and 52 three-bedroom units, accommodating various household sizes and needs.
Morganton's population has fluctuated over the past decade, showing a slight decline from 27,134 in 2015 to 27,379 in 2022. The median income increased from $40,715 in 2015 to $43,393 in 2022, indicating modest economic improvement.
The racial composition of Morganton has remained relatively stable. The white population decreased from 73% in 2015 to 70% in 2022. The Hispanic population increased from 12% to 13%, while the Black population grew from 8% to 11% during this period.
The most recent LIHTC project, Sienna, was completed in 2016, coinciding with a period of relative demographic stability. The steady income growth and slight shifts in racial composition may have influenced the ongoing need for affordable housing.
Morganton's LIHTC-funded affordable housing represents a small but significant portion of the city's housing inventory. The program has provided consistent support for affordable housing development over two decades, with the most active period being the 2000s. The city's demographic trends, including modest income growth and slight shifts in racial composition, have likely influenced the continuing need for affordable housing options. While LIHTC projects cover only a fraction of the estimated housing needs, they play a crucial role in Morganton's affordable housing landscape.
