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Stoneville's Affordable Housing: LIHTC Program's Impact on a Small North Carolina Town
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Stoneville, a small town in North Carolina with a population of 3,394 in 2022, has implemented the Low-Income Housing Tax Credit (LIHTC) program to address affordable housing needs. The program has funded one project in Stoneville, resulting in 24 affordable housing units, all of which are designated as low-income units. These units represent approximately 1.85% of the city's estimated housing inventory of 1,300 units.
The LIHTC-funded project in Stoneville received $42,054 in tax credits, averaging $42,054 per project and $1,752.25 per unit. This funding accounts for 0.01% of North Carolina's total state funding for affordable housing projects. The sole LIHTC project, Adkins Glen, was completed in 1993 and has been providing affordable housing options for nearly three decades.
Adkins Glen consists of 24 one-bedroom units, catering to individuals or small households seeking affordable living options. This development demonstrates Stoneville's long-term commitment to addressing housing needs in the community.
Demographic trends in Stoneville over the last decade show population fluctuations, with a peak of 4,351 in 2015 and a decrease to 3,394 by 2022. The median income has demonstrated an overall upward trend, increasing from $38,427 in 2017 to $49,495 in 2022, indicating improving economic conditions for residents.
Racial demographics in Stoneville have remained relatively stable over the past decade. The white population has consistently been the majority, comprising 72% of the population in 2022. The Black population has slightly increased from 14% in 2018 to 17% in 2022, while the Hispanic population has decreased from 11% in 2018 to 6% in 2022.
In conclusion, Stoneville's LIHTC-funded affordable housing project, Adkins Glen, has been a long-term contributor to the town's housing inventory since 1993. While it represents a small percentage of the overall housing stock, it provides 24 low-income units, all one-bedroom apartments. The town's demographic trends indicate a fluctuating population with an overall increase in median income, suggesting evolving housing needs that may require ongoing assessment and potential adjustments to affordable housing strategies.
