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Pineville's LIHTC-Driven Affordable Housing: A Decade of 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
Pineville, North Carolina, a town with a population of 13,521 as of 2022, has utilized the Low-Income Housing Tax Credit (LIHTC) program to address affordable housing needs. The LIHTC program has funded 299 units in Pineville, with 298 designated as low-income units. These LIHTC-funded units comprise approximately 5.8% of the town's estimated 5,180 housing units.
Pineville has received $1,134,593 in project tax credits through the LIHTC program. With two projects, this averages $567,296.50 in federal funding per project. The average federal funding per unit is $3,794.62. Pineville's share of North Carolina's total LIHTC funding is 0.26%, representing a small but significant portion of the state's affordable housing resources.
The town's LIHTC-funded affordable housing development began in 1997, with both known projects, "The Pines At Carolina Place" and "The Dorchester," completed that year. This indicates a concentrated effort to develop affordable housing during that period.
The LIHTC projects in Pineville offer a variety of housing options, including 135 one-bedroom units, 117 two-bedroom units, and 47 three-bedroom units. This distribution accommodates various household sizes within the low-income population.
Demographic trends over the past decade show Pineville's population growth from 10,457 in 2014 to 13,521 in 2022. The median income increased from $39,187 in 2014 to $62,912 in 2022, potentially indicating improved economic conditions for residents.
Racial demographics have changed. The white population decreased from 51% in 2014 to 44% in 2022, while the Black population increased from 19% to 22%. The Hispanic population slightly decreased from 25% to 21%. There was a notable increase in residents identifying as two or more races, from 1% to 8%.
Despite demographic changes and rising median income, the existing LIHTC projects continue to provide important affordable housing options. The absence of new LIHTC projects in recent years may be due to various factors, including changes in funding priorities or shifts in housing needs.
In conclusion, Pineville's LIHTC-funded affordable housing inventory, though modest, provides a crucial resource for low-income residents. The two projects completed in 1997 offer a range of unit types to meet diverse housing needs. As the town grows and evolves demographically, ongoing assessment of affordable housing needs will be essential to ensure access to suitable housing options for all residents.
