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Affordable Housing in Athens, Alabama: LIHTC's Impact on a Growing City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Athens, Alabama, founded in 1818, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city's LIHTC program has contributed 489 total units, with 404 designated as low-income units. Based on the estimated housing inventory of 16,336 units, LIHTC-funded affordable housing comprises approximately 3% of the city's housing stock.
Athens has received $2,563,189 in project tax credits through the LIHTC program. With 9 approximate projects, this translates to an average of $284,799 in federal funding per project. The average federal funding per unit is $5,242, considering the total of 489 units in LIHTC-funded projects. Athens holds 1.44% of the total state LIHTC funding, indicating a moderate share of Alabama's affordable housing resources.
The city's involvement in LIHTC-funded affordable housing spans from 1990 to 2008. The first project, Athens Park Apartments, was completed in 1990, while the most recent, Oakview Apartments, was finished in 2008. The 2000s saw the most affordable housing development, with five projects completed during this decade, including Cottonwood Apartments, Windscape Apartments, Montclair, Water Oak Apartments, and Oakview Apartments.
The LIHTC-funded housing in Athens offers a range of unit types, with 87 one-bedroom, 246 two-bedroom, and 90 three-bedroom units. This distribution caters to various household sizes and needs within the low-income population. Windscape Apartments, completed in 2002, specifically targets individuals with mental illness, addressing the unique needs of a vulnerable population.
Over the past decade, Athens has experienced population growth, increasing from 39,106 in 2015 to 42,637 in 2022. The median income has risen from $50,599 in 2015 to $64,105 in 2022. This economic growth may have influenced the demand for affordable housing. The racial composition of Athens has remained relatively stable, with a slight decrease in the white population from 74% in 2015 to 71% in 2022, and a small increase in the Black population from 14% to 16% during the same period. The Hispanic population has remained consistent at around 8-9%.
No new LIHTC projects have been recorded since 2008. This could be due to various factors, including changes in local housing needs, alternative affordable housing initiatives, or shifts in funding priorities. Athens, Alabama has a modest LIHTC-funded affordable housing inventory, covering about 3% of the estimated housing stock. The city has received over $2.5 million in tax credits, supporting 9 projects with 489 units. The majority of development occurred in the 2000s, with a mix of unit sizes to accommodate diverse household needs.
