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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Newton, North Carolina, exhibits a diverse affordable housing landscape supported by the Low-Income Housing Tax Credit (LIHTC) program. The city's LIHTC-funded affordable housing inventory comprises 136 total units, with 118 designated as low-income units. Based on the estimated 7,908 housing units in the city, LIHTC-funded affordable housing represents approximately 1.72% of Newton's housing inventory.
Newton has received $362,061 in project tax credits through the LIHTC program. With approximately 4 projects, this translates to an average of $90,515 in federal funding per project. The average federal funding per unit is $2,662. Newton holds 0.08% of North Carolina's total LIHTC funding, indicating a relatively small portion of the state's affordable housing investment.
The city's LIHTC-funded affordable housing history spans from 1988 to at least 2006, with Apple Hill Apartments being the first recorded project in 1988 and Bradbury Apartments completed in 2006. This represents at least 18 years of affordable housing development in Newton.
The 1990s saw the most affordable housing activity, with projects like Dixon Units completed in 1995. The distribution of units includes 9 one-bedroom, 50 two-bedroom, 32 three-bedroom, and 8 four-bedroom units, providing a range of options for different household sizes.
Over the past decade, Newton's population has remained relatively stable, fluctuating between approximately 19,800 and 21,200 residents. The median income has shown a steady increase from $42,322 in 2013 to $58,099 in 2022, potentially indicating improved economic conditions for some residents.
Racial demographics have seen slight shifts, with the white population decreasing from 71% in 2013 to 70% in 2022. The Hispanic population has grown from 9% to 13% during this period, while the Black population has remained relatively stable at around 9-12%. These changes suggest a gradually diversifying community.
The lack of new LIHTC projects in the last decade, despite population stability and income growth, may indicate that other affordable housing initiatives or existing inventory are meeting current needs. However, the rising median income could potentially mask affordability challenges for lower-income residents.
Newton's LIHTC-funded affordable housing inventory, while modest in scale, provides essential low-income units to the community. The city's diverse unit types cater to various household sizes, and the long-standing presence of affordable housing since 1988 demonstrates a consistent commitment to addressing housing needs. While demographic shifts have been gradual, the rising median income and stable population suggest a potentially changing landscape for affordable housing demand. Continued monitoring of housing affordability in relation to income trends will be crucial for future planning and development decisions.