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Wendell, North Carolina: LIHTC Program's Impact on Affordable Housing Inventory
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Wendell, a town in North Carolina, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 250 units, all of which are designated as low-income units. Based on the 2022 population of 22,861 and an estimated 8,759 housing units, the LIHTC funded affordable housing represents approximately 2.85% of the town's estimated housing inventory.
Wendell has received $1,191,860 in project tax credits for affordable housing through the LIHTC program. With approximately 6 projects, this averages to about $198,643 per project. The average federal funding per unit is approximately $4,767. Wendell accounts for 0.27% of North Carolina's total LIHTC funding.
The first LIHTC project in Wendell, Cedarfield Village Apts, was completed in 1989, while the most recent project, Crestfield Apartments, was finished in 2020. This indicates a 31-year span of affordable housing development in the town. The 1980s and 1990s saw the completion of two projects each, while the 2000s, 2010s, and 2020s each saw one project completion.
The LIHTC funded housing in Wendell consists of 85 one-bedroom units, 112 two-bedroom units, and 18 three-bedroom units. This distribution suggests a focus on smaller households and families.
Over the past decade, Wendell has experienced significant population growth, increasing from 16,504 in 2015 to 22,861 in 2022. The median income has also risen from $60,506 in 2015 to $71,037 in 2022, indicating overall economic improvement.
Racial demographics have shifted notably. The white population decreased from 53% in 2015 to 44% in 2022, while the Hispanic population increased from 22% to 27%. The Black population remained stable at around 24%. This diversification may indicate changing housing needs in the community.
Wendell's LIHTC funded affordable housing inventory, while modest in size, has been developing steadily over three decades. The town has seen significant population growth and income increases in recent years, along with racial diversification. These demographic shifts may influence future affordable housing needs and development in Wendell.
