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Affordable Housing Analysis in Zip Code 35976: LIHTC Projects Span Three Decades
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 35976, located in Guntersville, Alabama, contains a notable inventory of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. This area has a total of 152 units in LIHTC-funded projects, with 134 of these units designated as low-income. Based on an estimated 6,843 housing units in the zip code, LIHTC-funded affordable housing comprises approximately 2.2% of the total housing inventory.
The LIHTC projects in zip code 35976 have received $424,696 in project tax credits, averaging about $2,795 per unit. This funding represents 0.24% of Alabama's total LIHTC allocation, indicating a modest but significant investment in affordable housing for this area.
Affordable housing has been present in this zip code for at least 15 years. The earliest project, Cedar Ridge Apartments, was completed in 1989, and the most recent, Mill Run, in 2004. The 1990s saw the most affordable housing development, with three projects completed during that decade: Lakeview Estates (1994), Mountain Lakes (1996), and Ridgewood Apartments (1998).
The LIHTC-funded projects in zip code 35976 offer a variety of unit types, with a focus on one and two-bedroom apartments. There are 33 one-bedroom units, 57 two-bedroom units, and 5 three-bedroom units. This distribution suggests a focus on smaller households and families.
Over the past decade, zip code 35976 has experienced moderate population growth, increasing from 17,036 in 2015 to 17,861 in 2022. The median income has also risen significantly, from $45,590 in 2015 to $59,555 in 2022, potentially indicating a reduced need for additional affordable housing.
The racial composition of the area has remained relatively stable, with a slight decrease in the white population from 88% in 2015 to 82% in 2022, and small increases in Hispanic and multiracial populations. This gradual diversification may influence future affordable housing needs.
Zip code 35976 has an established foundation of LIHTC-funded affordable housing, with projects dating back to 1989. While the current inventory covers a small percentage of the total estimated housing units, it provides important low-income housing options. The area has seen moderate population growth and significant income increases over the past decade, which may impact future affordable housing needs. The diverse unit types in LIHTC projects cater to various household sizes, reflecting an effort to meet different community needs.
