Loading Content...
Weaverville's LIHTC Program: A Focused Approach to Affordable Housing in 2012
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Weaverville, a town in North Carolina, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 56 units. This inventory represents approximately 1.3% of the town's estimated 4,328 housing units. All LIHTC units in Weaverville are designated as low-income units.
The LIHTC program has invested $114,164 in tax credits for affordable housing projects in Weaverville. This investment is distributed across two projects, resulting in an average federal funding of $57,082 per project and $2,038 per unit. Weaverville's share of North Carolina's total LIHTC funding is 0.03%.
Weaverville's two LIHTC projects, Dry Ridge Apartments and The Homestead Apartments, were both completed in 2012. This indicates a concentrated effort to expand affordable housing options in the town during that specific year.
The affordable housing inventory in Weaverville consists of 12 one-bedroom units and 26 two-bedroom units. There are no efficiencies or larger units (three or four bedrooms) reported in these projects.
Demographic analysis reveals that Weaverville's population increased from 10,176 in 2013 to 11,295 in 2022. The median income also rose from $62,720 in 2013 to $68,015 in 2022, with some fluctuations during this period. These trends may have influenced the demand for affordable housing in the area.
Racial demographics in Weaverville have remained relatively stable. The white population has consistently represented the majority, comprising around 92-93% of the population in recent years. There have been slight increases in the Black, Hispanic, and multi-racial populations, though these changes are minimal.
In conclusion, Weaverville's LIHTC-funded affordable housing inventory represents a targeted effort to provide low-income housing options. The concentration of projects in 2012 suggests a focused initiative to address affordable housing needs during that time. While the current inventory covers a small percentage of the town's estimated housing stock, it provides essential housing options for low-income residents. The town's steady population growth and increasing median income over the past decade may influence future affordable housing needs and development strategies.
