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Affordable Housing in Ardmore, Alabama: A Single LIHTC Project's Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Ardmore, Alabama, a town with a population of 2,887 as of 2022, has a limited Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The town possesses 24 affordable housing units, all categorized as low-income units. These LIHTC-funded units represent approximately 2.17% of Ardmore's estimated housing stock of 1,106 units.
Ardmore has received $33,600 in project tax credits from the LIHTC program for affordable housing. This funding supports one project, resulting in an average federal funding of $33,600 per project and $1,400 per unit. Ardmore's LIHTC funding accounts for 0.02% of the total state LIHTC allocation.
The sole LIHTC project in Ardmore is Ardmore Square Apartments, completed in 1994. This development marks the inception of LIHTC-funded affordable housing in the city, with a history spanning nearly three decades. The affordable housing inventory in Ardmore consists of 24 units, comprising 8 one-bedroom and 16 two-bedroom units, indicating a focus on accommodating small families and individuals.
Ardmore's population has experienced minor fluctuations over the past decade, increasing from 2,677 in 2010 to 2,887 in 2022. The median income has shown variability, rising from $40,513 in 2013 to a peak of $53,087 in 2018, before decreasing to $41,590 in 2022.
The racial composition of Ardmore has remained predominantly white, though there has been a slight decrease from 93% in 2013 to 87% in 2022. A small increase in diversity has occurred, with slight growth in the Black, Hispanic, and multiracial populations.
Despite these demographic changes, no new LIHTC projects have been developed in Ardmore over the last decade. This lack of development may be attributed to various factors, including potential shifts in housing needs or the availability of alternative affordable housing programs.
Ardmore's LIHTC-funded affordable housing inventory, while modest, has been a consistent part of the community since 1994. The single project, Ardmore Square Apartments, provides 24 low-income units, primarily consisting of one and two-bedroom apartments. While the city has experienced some demographic changes over the past decade, including fluctuations in population and median income, these changes have not resulted in additional LIHTC developments. The existing LIHTC project continues to contribute to the provision of affordable housing options for Ardmore residents.
