Loading Content...
Reidsville's Three-Decade Commitment to Affordable Housing through LIHTC
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Reidsville, North Carolina, a city with a population of 24,271 in 2022, has a significant presence of affordable housing through the Low-Income Housing Tax Credit (LIHTC) program. The LIHTC-funded affordable housing inventory in Reidsville includes 478 total units, with 388 designated as low-income units. This affordable housing stock represents approximately 5.1% of the city's estimated 9,299 housing units, indicating a substantial contribution to affordable housing needs, although it falls short of the typical 15-20% target for a well-balanced city.
Reidsville has received $2,162,945 in project tax credits through the LIHTC program, distributed across approximately 10 projects. This results in an average of $216,295 in federal funding per project and about $4,525 per unit. Reidsville's share of 0.5% of the total state LIHTC funding highlights its relative importance in North Carolina's affordable housing landscape.
The city's involvement in LIHTC-funded affordable housing spans three decades, with the earliest project, Southgate Apartments, completed in 1987, and the most recent known completion, Reidsville Ridge Apartments, in 2017. This 30-year period demonstrates a long-standing commitment to affordable housing development in Reidsville.
The 2000s and 2010s were particularly active periods for affordable housing development in Reidsville. Notable projects from this era include Canterbury Place (2000), Marcellus Place (2002), Sherwood Glen Apartments (2007), and Woodbridge Apartments and Crestwood (both in 2011).
The LIHTC-funded housing in Reidsville offers a diverse range of unit types, catering to various household sizes and needs. The inventory comprises 122 one-bedroom units, 183 two-bedroom units, and 92 three-bedroom units.
Demographic trends over the last decade reveal a slight population decline in Reidsville, from 25,677 in 2014 to 24,271 in 2022. However, the median income has increased from $40,302 in 2014 to $44,745 in 2022, potentially indicating a changing economic landscape in the city.
Racial distribution in Reidsville has remained relatively stable over the past decade. The white population consistently comprises the majority, accounting for 62-65% of the total population. The Black population remains the second-largest group, making up about 26-28% of the population. There has been a slight increase in the Hispanic population, growing from 3% in 2014 to 5% in 2022.
In conclusion, Reidsville's LIHTC-funded affordable housing plays a crucial role in addressing the city's housing needs. The city has maintained a consistent commitment to affordable housing development over three decades, with a diverse range of unit types available. While the affordable housing stock covers a significant portion of the estimated housing inventory, there may still be room for growth to meet typical affordable housing targets. The city's changing demographics, including a slight population decline and increasing median income, may influence future affordable housing needs and development strategies.
