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Affordable Housing Analysis in Zip Code 35671: LIHTC Funded Project in Decatur, 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
The zip code 35671 in Decatur, Alabama, contains a specific Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 56 affordable units, all of which are designated as low-income units. Based on an estimated 1,312 housing units in the zip code, LIHTC funded affordable housing comprises approximately 4.27% of the total housing inventory.
The LIHTC program has invested $626,621 in tax credits for affordable housing projects in zip code 35671. This equates to an average federal funding of $11,190 per unit. This zip code accounts for 0.35% of the total LIHTC funding allocated to the state of Alabama.
The French Farms Village Apartments, completed in 2014, is the only LIHTC funded project in zip code 35671. This development initiated LIHTC-supported affordable housing in the area, addressing community housing needs. The project offers an equal distribution of unit types, with 28 one-bedroom and 28 two-bedroom units, accommodating various household sizes within the low-income population.
Zip code 35671 has experienced consistent population growth over the past decade, increasing from 2,480 in 2013 to 3,424 in 2022, representing a 38% increase. This growth suggests an increasing demand for housing in the area.
The median income in zip code 35671 has also shown an upward trend, rising from $60,047 in 2013 to $73,546 in 2022, indicating an overall improvement in economic conditions. This increase may also suggest a continued need for affordable housing options for lower-income residents.
The racial composition of zip code 35671 has remained relatively stable, with a slight increase in diversity. The white population decreased from 66% in 2013 to 70% in 2022, while the Black population decreased slightly from 26% to 22%. The Hispanic population fluctuated between 3% and 12% over the decade.
Zip code 35671 in Decatur, Alabama, demonstrates a focused approach to affordable housing through its LIHTC funded project. The current inventory covers a small percentage of the estimated housing units but provides essential low-income housing options in a growing area. The steady population growth and rising median income indicate an evolving community that may require continued attention to affordable housing needs. The balanced mix of one and two-bedroom units in the existing project serves diverse household sizes within the low-income population. As the community develops, monitoring demographic trends and housing needs will be crucial for future affordable housing planning.
