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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
North Augusta, a city in South Carolina, possesses a LIHTC-funded affordable housing inventory comprising 256 total affordable units, all designated as low-income units. This inventory represents approximately 1.89% of the city's estimated 13,529 housing units. The city has received $1,868,141 in project tax credits through the LIHTC program, distributed across approximately 4 projects. This equates to an average federal funding of $467,035 per project and $7,297 per unit. North Augusta's share of South Carolina's total LIHTC funding stands at 0.48%.
The development of LIHTC-funded affordable housing in North Augusta spans from 2007 to 2017. The initial project, Rivers Edge, was completed in 2007, while the most recent, The Edgewater, was finished in 2017. The 2010s witnessed the completion of two affordable housing projects: Cameron Cove and The Edgewater. The city's LIHTC-funded housing inventory primarily consists of two-bedroom units (194), followed by three-bedroom units (36), and a small number of one-bedroom units (8).
North Augusta's population has increased from 31,884 in 2010 to 35,311 in 2022. The median income has risen from $56,728 in 2013 to $64,432 in 2022, indicating a gradual improvement in the economic conditions of the city's residents. Racial demographics have remained relatively stable, with a slight increase in diversity. The white population decreased from 70% in 2013 to 74% in 2022, while the Black population slightly decreased from 21% to 18%. The Hispanic population has remained steady at around 5-6% throughout this period.
The completion of The Edgewater project in 2017 aligns with a period of population growth and increasing median income, suggesting a response to the growing need for affordable housing options in a developing economy. North Augusta's LIHTC-funded affordable housing inventory, while modest in scale, has been developed over a decade to address the city's low-income housing needs. The focus on two and three-bedroom units indicates an emphasis on family-oriented affordable housing.
The LIHTC projects, covering a small percentage of the city's estimated housing stock, represent an important component of North Augusta's efforts to provide affordable housing options. The city's demographic trends, including population growth and increasing median income, suggest an ongoing need for affordable housing solutions to ensure balanced community development.