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Oxford's Affordable Housing: LIHTC Funding and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Oxford, North Carolina, a city with a population of 14,765 as of 2022, has a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city's LIHTC-funded projects comprise 96 units, of which 24 are designated as low-income units. This represents approximately 1.7% of the city's estimated housing inventory of 5,657 units.
Oxford has received $508,462 in project tax credits through the LIHTC program for affordable housing. With approximately 9 projects, this translates to an average federal funding of about $56,496 per project and $5,296 per unit. The city holds 0.12% of the total state LIHTC funding, indicating a relatively small share of North Carolina's affordable housing resources.
The first LIHTC projects in Oxford were completed in 1991, with "Daniel Street Apts" and "The Willows" marking the beginning of the program's presence in the city. The most recent project, "Garden Park Villas," was completed in 2009, demonstrating an 18-year span of LIHTC-funded affordable housing development in Oxford.
The 1990s saw the most affordable housing activity, with multiple projects completed throughout the decade. Notable projects from this period include "515 & 517 Orange St" and "Maple Street Apts" in 1994, and "Clement Ave Apts A" and "Clement Ave Apts B" in 1995. The LIHTC-funded housing in Oxford consists primarily of one-bedroom and two-bedroom units, with 66 one-bedroom and 30 two-bedroom units reported. This distribution suggests a focus on smaller household sizes in the city's affordable housing stock.
Over the past decade, Oxford's population has remained relatively stable, fluctuating between 13,800 and 14,800 residents. The median income has shown some volatility but generally trended upward from $41,117 in 2015 to $46,939 in 2022. Regarding racial demographics, there has been a notable shift in the city's composition. The Black population increased from 41% in 2013 to 48% in 2022, while the White population decreased from 50% to 38% during the same period. The Hispanic population has grown slightly from 5% to 8% over the decade.
No new LIHTC projects have been reported since 2009. This could be due to a variety of factors, including changes in funding priorities, shifts in housing needs, or the development of affordable housing through other programs not captured in this data.
Oxford's LIHTC-funded affordable housing inventory represents a small but significant portion of its housing stock. The city has benefited from federal tax credits to develop affordable housing over nearly two decades, with a concentration of development in the 1990s. The housing units are primarily composed of one and two-bedroom apartments, catering to smaller households. While the LIHTC program has not funded new projects in recent years, the city's changing demographics, including increases in minority populations and modest income growth, suggest an ongoing need for affordable housing options. Further investigation into other affordable housing programs and local housing policies would provide a more comprehensive understanding of Oxford's current affordable housing landscape.
