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Affordable Housing Analysis in Zip Code 35801: A Study of LIHTC-Funded Units in Huntsville, 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 35801 in Huntsville, Alabama, contains a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area comprises 256 affordable housing units, all of which are designated as low-income units. Based on the estimated 10,062 housing units in the zip code, LIHTC-funded affordable housing represents approximately 2.54% of the total housing inventory.
The LIHTC program has invested significantly in this zip code, with project tax credits totaling $757,584. This translates to an average federal funding of about $2,959 per affordable housing unit. Notably, this zip code accounts for 0.43% of Alabama's total LIHTC funding, indicating a substantial investment in affordable housing for this area.
Affordable housing has been a long-standing feature of this zip code, with projects spanning from 2003 to 2010. The first project, Russel Erskine Building, was completed in 2003, while the most recent, Gateway Place, was finished in 2010. This seven-year period demonstrates a consistent commitment to developing affordable housing in the area.
The 2000s saw the most significant development of affordable housing in this zip code, with three projects completed during this decade. These projects include the Russel Erskine Building (2003), Huntsville Summit (2006), and Gateway Place (2010).
The affordable housing inventory in this zip code primarily consists of one-bedroom and two-bedroom units. Specifically, there are 220 one-bedroom units and 36 two-bedroom units, catering to various household sizes and needs.
Over the past decade, the population in this zip code has shown moderate growth, increasing from 25,084 in 2015 to 26,262 in 2022. Median income has also risen significantly, from $69,809 in 2015 to $84,719 in 2022, suggesting an overall improvement in economic conditions.
Racial demographics have remained relatively stable, with a slight decrease in the white population from 82% in 2015 to 77% in 2022, and small increases in other racial groups. The black population has remained consistent at around 11%, while the Hispanic population has grown slightly from 3% to 5%.
Despite the absence of new LIHTC projects in the last decade, the existing affordable housing stock continues to play a crucial role in the community. The rising median income and relatively stable population suggest that the current affordable housing inventory may be meeting the needs of low-income residents in the area.
Zip code 35801 in Huntsville, Alabama, has a modest but significant LIHTC-funded affordable housing presence, representing 2.54% of the estimated housing inventory. The area has benefited from substantial federal investment, with an average of $2,959 per affordable unit. The development of affordable housing occurred primarily in the 2000s, with projects completed between 2003 and 2010. The housing stock predominantly consists of one-bedroom units, addressing the needs of smaller households. While no new LIHTC projects have been developed in the last decade, the existing affordable housing continues to serve the community amidst rising median incomes and a relatively stable population.
