Loading Content...
Affordable Housing Analysis for Zip Code 35740 in Bridgeport, Alabama: A Five-Year LIHTC Development Period
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 35740 in Bridgeport, Alabama, contains 48 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. This zip code encompasses 36.63 square miles and had a population of 3,320 in 2022. Based on the national average household size of 2.61, the estimated housing inventory for this zip code is 1,272 units. LIHTC funded affordable housing represents approximately 3.77% of the estimated housing units in the zip code.
The LIHTC projects in zip code 35740 have received $30,880 in project tax credits, averaging $643.33 per unit in federal funding. This zip code accounts for 0.02% of the total state LIHTC funding, indicating a small allocation of Alabama's affordable housing resources to this area.
Affordable housing has been present in zip code 35740 since 1988, with the completion of Ridgecrest Apts. The most recent project, Arbor Gate Apts, was completed in 1993, representing a 5-year period of LIHTC development. The 1980s and 1990s saw the highest number of affordable housing project completions in this area.
The LIHTC funded housing in zip code 35740 consists of 2 one-bedroom units and 4 two-bedroom units, suggesting a focus on smaller households or families.
The population in zip code 35740 has fluctuated over the past decade, decreasing slightly from 3,401 in 2014 to 3,320 in 2022. The median income has shown significant variation, ranging from $31,186 in 2018 to $47,289 in 2022. This recent increase in median income may indicate a reduced short-term need for additional affordable housing.
The racial composition of zip code 35740 has remained predominantly white, decreasing from 87% in 2019 to 83% in 2022. The Hispanic population has increased from 1% in 2016 to 7% in 2022, while the Black population has decreased from 7% in 2014 to 3% in 2022.
The LIHTC funded affordable housing in zip code 35740 represents a small portion of the estimated housing inventory. The projects were developed in the late 1980s and early 1990s, with no recent additions. The population has remained relatively stable, with fluctuations in median income and slight shifts in racial composition over the past decade. The recent increase in median income may impact the current need for additional affordable housing in this area.
