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Affordable Housing Analysis in Zip Code 35747: Grant, Alabama's Single LIHTC Project
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 35747, located in Grant, Alabama, has a population of 4,539 as of 2022. This area contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, providing 24 affordable units, all designated as low-income. Based on the estimated housing inventory of 1,739 units, LIHTC-funded affordable housing comprises approximately 1.38% of the zip code's housing stock.
The LIHTC project in zip code 35747 received $17,625 in tax credits, averaging $734.38 per unit in federal funding. This funding represents 0.01% of Alabama's total LIHTC allocation, indicating a small portion of the state's affordable housing investment in this area.
The sole LIHTC project in zip code 35747, Suncrest Apts, was completed in 1998. This project has provided affordable housing options for over two decades. Suncrest Apts offers 8 one-bedroom, 8 two-bedroom, and 8 three-bedroom units, accommodating various household sizes and needs.
Over the past decade, the population in zip code 35747 has remained relatively stable, ranging between 4,143 and 4,711 residents. The median income has fluctuated, from a low of $48,181 in 2017 to a high of $73,909 in 2021. Despite these fluctuations, no additional LIHTC projects have been developed since 1998.
The racial composition of zip code 35747 has remained predominantly white, with a slight increase in diversity. The Hispanic population grew from 0% in 2013 to 5% in 2022, while the percentage of residents identifying as two or more races increased from 1% to 2% during the same period.
Zip code 35747 in Grant, Alabama, contains a single LIHTC-funded affordable housing project that has served the community for over 20 years. This project provides 24 low-income units, representing a small portion of the area's estimated housing inventory. Demographic trends over the past decade show a relatively stable population with income fluctuations and a slight increase in racial diversity. No new LIHTC projects have been developed in recent years, suggesting other factors may influence affordable housing development in this area.
