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Affordable Housing Analysis in Zip Code 35055: A Three-Decade LIHTC Investment
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 35055 in Cullman, Alabama, contains 126 units in Low-Income Housing Tax Credit (LIHTC) funded affordable housing projects, with 108 designated as low-income units. The estimated 8,399 housing units in this zip code, based on the 2022 population of 21,922 and the national average household size, indicate that LIHTC funded affordable housing comprises approximately 1.5% of the housing inventory.
LIHTC projects in zip code 35055 have received $900,802 in tax credits, averaging $7,149 per unit. This funding represents 0.51% of the total LIHTC credits allocated in Alabama, indicating a modest investment in affordable housing for this area.
Affordable housing has been present in this zip code for nearly three decades. The first LIHTC project, Park Manor Apartments, was completed in 1990, and the most recent, Sara's Ridge Apartments, was finished in 2007. The 1990s saw the highest activity in affordable housing development, with three out of the four projects completed during this decade.
The LIHTC funded housing stock in zip code 35055 consists of 65 two-bedroom units, 8 one-bedroom units, and 7 three-bedroom units. This distribution suggests a focus on accommodating small families and individuals.
Over the past decade, the population in zip code 35055 has grown steadily, increasing from 19,075 in 2013 to 21,922 in 2022. Median income has also risen significantly, from $40,645 in 2013 to $57,786 in 2022. The racial composition has remained relatively stable, with a predominantly white population (92% in 2022) and small increases in Hispanic and multiracial residents.
Despite population growth and income increase, no new LIHTC projects have been developed in zip code 35055 in the last decade. This could be attributed to the rising median income, potentially reducing the perceived need for additional low-income housing in the area.
Zip code 35055 has a modest LIHTC funded affordable housing inventory, covering about 1.5% of the estimated housing stock. The area has seen four LIHTC projects developed between 1990 and 2007, with a focus on two-bedroom units. While the population and median income have increased over the past decade, no new LIHTC projects have been added recently. This analysis provides an objective view of the LIHTC funded affordable housing landscape in this zip code, recognizing that other programs may also contribute to the overall affordable housing inventory.
