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Affordable Housing Analysis in Zip Code 35620: A Two-Decade-Old LIHTC Project in Elkmont, Alabama
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 35620, located in Elkmont, Alabama, contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project, known as Greenridge Apartments, was completed in 1998 and provides 12 low-income units. Based on the 2022 population of 9,945 and the national average household size of 2.61, the estimated housing inventory for this zip code is approximately 3,810 units. The LIHTC-funded affordable housing represents about 0.31% of the estimated housing inventory in the zip code.
The LIHTC project in zip code 35620 received $20,563 in tax credits, averaging about $1,714 per unit. This funding accounts for 0.01% of Alabama's total LIHTC allocation. The Greenridge Apartments development consists of 4 one-bedroom units and 8 two-bedroom units, offering housing options for different household sizes.
Zip code 35620 has experienced population growth over the past decade, increasing from 8,934 in 2014 to 9,945 in 2022. The median income has risen significantly from $48,377 in 2014 to $67,225 in 2022, representing a 39% increase. This substantial income growth may indicate a reduced need for additional affordable housing in recent years.
The racial composition of zip code 35620 has remained relatively stable, with a slight decrease in the white population from 90% in 2014 to 88% in 2022. There has been a small increase in diversity, with slight growth in Asian, Black, and multiracial populations.
In summary, zip code 35620 has a single LIHTC-funded affordable housing project that has been serving the community for over 20 years. While the project provides a small percentage of the area's estimated housing inventory, it offers 12 low-income units with a mix of one and two-bedroom options. The zip code has experienced population growth and a significant increase in median income over the past decade, which may influence the current demand for affordable housing. The racial composition has remained relatively stable with a slight increase in diversity.
