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Affordable Housing Analysis in Zip Code 35901: LIHTC Program Impact in Gadsden, 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 35901 in Gadsden, Alabama, encompasses an area of 65.09 square miles with a population of 19,217 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded 85 affordable housing units in this zip code, including 13 designated as low-income units. These LIHTC-funded units represent approximately 1.15% of the estimated 7,363 housing units in the zip code.
The LIHTC projects in zip code 35901 have received $713,650 in tax credits, averaging $8,396 per unit. This funding accounts for 0.4% of Alabama's total LIHTC allocation, indicating a modest investment in affordable housing for this area. The implementation of LIHTC projects in this zip code spans from 1994 to 2009, with the first project, Coosa Bend Apts, completed in 1994 and the most recent, The Lodge At Greenbridge, finished in 2009.
The affordable housing inventory in zip code 35901 consists of 7 one-bedroom units, 63 two-bedroom units, and 15 three-bedroom units. This distribution suggests a focus on accommodating small to medium-sized families. The 2000s saw the most LIHTC project activity, with two projects completed during this decade.
The population in zip code 35901 has experienced a slight decline over the past decade, decreasing from 20,669 in 2014 to 19,217 in 2022. Despite this population decrease, the median income has increased from $37,823 in 2014 to $45,797 in 2022, indicating some economic improvement in the area.
The racial composition of zip code 35901 has remained relatively stable between 2014 and 2022. The white population has decreased slightly from 63% to 57%, while the Hispanic population has increased from 2% to 8%. The black population has remained consistent at approximately 30% during this period.
The absence of new LIHTC projects since 2009 in zip code 35901 may be attributed to the rising median income and relatively stable population, potentially reducing the perceived need for additional low-income housing in recent years. The modest LIHTC-funded affordable housing inventory, covering about 1.15% of the estimated housing stock, reflects the area's specific demographic and economic conditions.
