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Affordable Housing Analysis in Zip Code 36532: Fairhope's LIHTC Inventory
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 36532 in Fairhope, Alabama, has a population of 37,230 as of 2022, covering 73.57 square miles. The area contains 141 units in Low-Income Housing Tax Credit (LIHTC) funded projects, with 105 designated as low-income units. LIHTC-funded affordable housing comprises approximately 0.99% of the zip code's estimated 14,264 housing units.
The LIHTC projects in zip code 36532 have received $105,274 in tax credits, accounting for about 0.06% of Alabama's total LIHTC funding. This equates to an average of $746.62 per LIHTC-funded unit in the area. Affordable housing has been present in this zip code since 1994, with the most recent project completed in 2007. The 2000s saw the highest number of affordable housing project completions, with two projects: Shellbrooke Pointe Apartments in 2006 and Village At Meadowview in 2007.
The LIHTC-funded housing stock in zip code 36532 consists of 36 one-bedroom units, 80 two-bedroom units, and 25 three-bedroom units. This distribution indicates a focus on accommodating small to medium-sized households.
Zip code 36532 has experienced steady population growth over the past decade, increasing from 30,920 in 2013 to 37,230 in 2022. During this period, the median income has also risen significantly, from $69,056 in 2013 to $82,963 in 2022.
The racial composition of zip code 36532 has remained relatively stable. The white population decreased slightly from 87% in 2013 to 85% in 2022, while small increases occurred in Asian, Hispanic, and multi-racial populations. The black population has remained consistent at approximately 7-8%.
Despite population growth and rising incomes, no new LIHTC projects have been developed in zip code 36532 in the last decade. This may be attributed to the area's relatively high median income, potentially reducing the perceived need for additional affordable housing units.
Zip code 36532 has a small but established LIHTC-funded affordable housing inventory, representing about 1% of the estimated housing stock. The area has experienced consistent population growth and rising incomes over the past decade, with a stable racial composition. While no new LIHTC projects have been developed recently, the existing units continue to provide affordable housing options in this growing community.
