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Affordable Housing Analysis in Zip Code 35466: Three Decades of 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 35466 in Alabama contains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 74 units, all of which are designated as low-income units. This represents approximately 3.18% of the estimated 2,328 housing units in the zip code. The LIHTC program has invested $222,033 in tax credits for affordable housing projects in this area, averaging $3,000 per unit. This zip code accounts for 0.12% of the total LIHTC funding allocated to Alabama.
Affordable housing development in zip code 35466 spans nearly three decades. The initial LIHTC project, West Hill Square Apartments, was completed in 1991. The most recent addition, Grandview Gardens Apartments, was finished in 2010. The 2000s witnessed the highest activity in affordable housing development, with two projects completed during this period.
The LIHTC-funded housing inventory in zip code 35466 comprises 6 one-bedroom units, 24 two-bedroom units, and 8 three-bedroom units. This distribution indicates a focus on accommodating small to medium-sized households.
The population of zip code 35466 has fluctuated over the past decade, increasing from 5,200 in 2020 to 6,076 in 2022. The median income has shown an overall upward trend, rising from $36,648 in 2015 to $50,981 in 2022. This increase in income may partially explain the lack of new LIHTC projects in recent years.
Racial demographics in zip code 35466 have remained relatively stable. The white population decreased slightly from 81% in 2020 to 75% in 2022, while the Black population increased from 14% to 20% during the same period.
Zip code 35466 has a modest LIHTC-funded affordable housing inventory, covering about 3.18% of the estimated housing stock. The area has experienced consistent investment in affordable housing over nearly three decades, with the most recent project completed in 2010. The housing mix primarily serves small and medium-sized households. Recent demographic trends, including rising median incomes, may have influenced the absence of new LIHTC projects in the past decade. However, the slight shift in racial demographics and recent population growth might necessitate a reassessment of affordable housing needs in the future.
