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Woodland's LIHTC-Funded Affordable Housing: A Study of Small-Town Dynamics
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Woodland, located in North Carolina, is a small community with a rich history. The town's LIHTC funded affordable housing inventory consists of 30 total units, with 3 designated as low-income units. This LIHTC project contributes to addressing the affordable housing needs of the community.
Based on the estimated housing inventory of 386 units in Woodland, the LIHTC funded affordable housing covers approximately 7.8% of the total housing stock. This percentage suggests that LIHTC funded projects play a role in providing affordable housing options, though it may not fully meet the typical target of 15-20% affordable housing in a well-balanced city.
Woodland has received $139,286 in project tax credits from the LIHTC program. With one approximate project, this translates to an average federal funding of $139,286 per project. The average federal funding per unit is approximately $4,643. Woodland holds 0.03% of the total state LIHTC funding, indicating a relatively small portion of North Carolina's overall affordable housing investments.
The LIHTC funded affordable housing in Woodland has been present since 1998, with the completion of the Woodland Olney School Apartments. This project represents the beginning of LIHTC investment in the community and has been providing affordable housing options for over two decades.
The Woodland Olney School Apartments project consists of 28 one-bedroom units and 2 two-bedroom units, offering a mix of housing options for residents. This distribution suggests a focus on accommodating smaller households or individuals in need of affordable housing.
Analyzing demographic trends over the past decade, Woodland has experienced a decrease in population, from 1,637 in 2017 to 1,008 in 2022. Despite this population decline, the median income has shown a significant increase, rising from $26,691 in 2017 to $63,280 in 2022. This substantial income growth might indicate changing economic conditions in the area.
Racial distribution trends in Woodland have also shifted over the past decade. The Black population percentage decreased from 60% in 2017 to 41% in 2022, while the White population percentage increased from 29% in 2017 to 54% in 2022. The percentage of residents identifying as two or more races has remained relatively stable, ranging from 4% to 8% during this period.
In summary, Woodland's LIHTC funded affordable housing project, completed in 1998, continues to contribute to the community's housing needs. While the affordable housing stock covers a modest portion of the estimated total housing units, it provides important options for low-income residents. The town has experienced demographic shifts in recent years, including population decline, significant median income growth, and changes in racial distribution. These factors may influence future affordable housing needs and development in Woodland.
