Loading Content...
Affordable Housing Analysis in Zip Code 35235: LIHTC Investments and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 35235 in Birmingham, Alabama, exhibits a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area contains 320 total units in LIHTC-funded projects, with 14 units specifically designated as low-income. Based on the estimated 8,007 housing units in the zip code, LIHTC-funded affordable housing comprises approximately 4% of the zip code's housing inventory.
The LIHTC program has made substantial investments in this zip code, with project tax credits totaling $1,464,535. This equates to an average federal funding of $4,576 per unit across all LIHTC-funded projects. Notably, this zip code accounts for 0.82% of Alabama's total LIHTC funding, indicating a considerable concentration of affordable housing investment in this area.
The LIHTC-funded affordable housing in zip code 35235 spans from 2005 to 2006, representing over a decade of affordable housing presence. The Hunter Ridge Apartments project was developed in two phases during this period. Phase I was completed in 2005, while Phase II followed in 2006, demonstrating a continuous commitment to affordable housing development in the area.
The inventory of LIHTC-funded units in zip code 35235 is diverse, comprising 68 one-bedroom units, 160 two-bedroom units, and 92 three-bedroom units. This distribution indicates a focus on accommodating various household sizes, from individuals to small families.
Over the past decade, zip code 35235 has experienced fluctuations in population, with a general upward trend from 19,505 in 2015 to 20,897 in 2022. The median income has shown volatility, peaking at $62,698 in 2018 before decreasing to $53,258 in 2022. This recent decline in median income may indicate an increased need for affordable housing options.
Racial demographics in zip code 35235 have shifted noticeably, with the Black population increasing from 51% in 2015 to 62% in 2022, while the White population decreased from 44% to 33% over the same period. The Hispanic population remained relatively stable at around 2-5% throughout this time frame.
Zip code 35235 in Birmingham, Alabama, demonstrates a significant investment in LIHTC-funded affordable housing, accounting for a notable portion of the state's LIHTC funding. The housing inventory, developed in the mid-2000s, provides a range of unit sizes to accommodate diverse household needs. While the LIHTC-funded units represent a small percentage of the estimated housing stock, they contribute to addressing affordable housing needs in the area. Recent demographic trends, including population growth and income fluctuations, suggest an ongoing need for affordable housing options in this community.
