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Wilmington's LIHTC Program: Addressing Affordable Housing Needs in a Growing Coastal City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Wilmington, a coastal city in North Carolina, has a LIHTC-funded affordable housing inventory of 1,821 total units, with 1,520 designated as low-income units. This represents approximately 3.95% of the city's estimated 46,100 housing units. The LIHTC program has provided $9,957,529 in project tax credits to Wilmington, funding approximately 38 projects. This translates to an average federal funding of $262,040 per project and $5,468 per unit. Wilmington's share of North Carolina's total LIHTC funding is 2.28%.
The LIHTC program has been active in Wilmington since 1987, with the earliest projects being "Bellamy" and "Residence." The most recent completed projects on record are "Lockwood Village Apartments" and "Rankin Terrace Apartments," both completed in 2015. This span represents nearly three decades of affordable housing development in the city. The 1980s saw the highest number of affordable housing projects completed, with 14 projects initiated during this decade. Notable projects from this period include "113 St James," "4Th St Apts," and "Anderson Str Apts."
The LIHTC-funded housing in Wilmington offers a diverse range of unit types. There are 313 one-bedroom units, 826 two-bedroom units, 262 three-bedroom units, and 45 four-bedroom units, catering to various household sizes and needs.
Wilmington's population has grown from 106,819 in 2010 to 120,320 in 2022, representing a 12.6% increase. The median income has risen from $42,834 in 2013 to $63,835 in 2022, a 49% increase. Despite this growth, the most recent LIHTC projects were completed in 2015, suggesting a potential lag in affordable housing development relative to population and income growth. Racial distribution data for 2022 shows that Wilmington is predominantly white (71%), with significant Black (14%) and Hispanic (7%) populations. This diversity may indicate a continued need for affordable housing options to serve various communities.
Wilmington's LIHTC-funded affordable housing inventory represents a small but significant portion of the city's housing stock. The program has provided nearly $10 million in tax credits, supporting 38 projects over three decades. While the city has experienced significant population and income growth in recent years, the lack of new LIHTC projects since 2015 may indicate a need for reassessment of affordable housing needs. The diverse unit mix suggests an effort to accommodate different household sizes, but the overall percentage of affordable units relative to the city's housing stock indicates there may be opportunities for further development to meet the needs of Wilmington's growing and diverse population.
