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Affordable Housing Analysis in Zip Code 35216: LIHTC Investments and Demographic Shifts
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 35216, located in Vestavia Hills, Alabama, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 360 affordable housing units, all of which are low-income units. This LIHTC inventory addresses a portion of the community's housing needs.
The 2022 population of 36,193 and the national average household size suggest approximately 13,867 housing units in this zip code. The 360 LIHTC-funded affordable units comprise about 2.6% of the estimated housing inventory.
The LIHTC projects in this zip code have received $873,252 in project tax credits, averaging $2,426 per unit. This funding represents 0.49% of Alabama's total LIHTC allocation. Affordable housing has been present in this zip code for over two decades. The first LIHTC project, Emerald Pointe, was completed in 2000, and the most recent, The Park At Rocky Ridge, was finished in 2006.
The LIHTC inventory in this zip code consists of various unit types, with 218 two-bedroom units, 51 three-bedroom units, and 28 one-bedroom units. This distribution suggests a focus on accommodating small to medium-sized families.
Over the past decade, the zip code has experienced population fluctuations, increasing from 34,169 in 2020 to 36,193 in 2022. The median income has risen from $73,931 in 2015 to $82,140 in 2022, with a peak of $88,228 in 2021.
Racial demographics have remained relatively stable. The white population represents 67% of residents in 2022. The Black population has increased from 17% in 2013 to 20% in 2022. The Asian population has grown from 2% to 4% over the same period.
No new LIHTC projects have been built in the last decade. The increasing median income and relatively stable racial demographics suggest that the existing affordable housing stock may be meeting current needs. However, the growing population could indicate a potential need for additional affordable housing options in the future.
Zip code 35216 in Vestavia Hills, Alabama, has a modest LIHTC-funded affordable housing inventory, representing about 2.6% of the estimated housing stock. The area has benefited from LIHTC investments totaling $873,252, with projects dating back to 2000. The housing mix favors two-bedroom units, potentially catering to small families. Despite no new LIHTC developments in the past decade, the area has seen population growth and increasing median incomes, which may influence future affordable housing needs.
