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Selma, North Carolina: A Decade of LIHTC-Funded Affordable Housing
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Selma, North Carolina, maintains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 90 total units, with 89 designated as low-income units. This inventory represents approximately 1.9% of the town's estimated 4,733 housing units as of 2022. The LIHTC program in Selma has contributed $120,675 in project tax credits, averaging $60,338 per project and $1,341 per unit. Selma's share of North Carolina's total LIHTC funding is 0.03%, indicating a relatively small portion of the state's affordable housing allocation.
The LIHTC-funded affordable housing in Selma was developed between 1993 and 1994. The Joseph E. Price Elderly Center, completed in 1993, initiated LIHTC-funded housing in the town. The Meadows Apartments, finished in 1994, represents the most recent LIHTC project. This indicates that affordable housing has been present in Selma for nearly three decades. The 1990s saw the most affordable housing activity in Selma, with both LIHTC projects completed during this period.
The housing inventory includes a mix of unit types, comprising 17 one-bedroom, 38 two-bedroom, and 8 three-bedroom units. This distribution suggests an effort to accommodate various household sizes, from individuals to small families.
Over the past decade, Selma has experienced steady population growth, increasing from 9,824 in 2013 to 12,352 in 2022. The median income has also risen, from $30,129 in 2013 to $39,789 in 2022, indicating improving economic conditions. Racial demographics have remained relatively stable, with a slight increase in the Black population (from 22% to 34%) and a decrease in the Hispanic population (from 34% to 21%) between 2013 and 2022.
Despite this growth and demographic shifts, no new LIHTC projects have been developed in Selma since 1994. This could be attributed to various factors, such as changing priorities in affordable housing development or the use of alternative housing assistance programs.
Selma's LIHTC-funded affordable housing inventory, while modest in size, contributes to providing low-income housing options. The town's two LIHTC projects, both developed in the early 1990s, offer 90 units, primarily serving low-income residents. While the affordable housing stock represents a small percentage of Selma's estimated housing inventory, it is important to note that other housing assistance programs may also be contributing to affordable housing needs. The town has experienced population growth and income increases over the past decade, which may influence future affordable housing strategies and needs.
