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Affordable Housing in Centennial Hill: LIHTC Impact on Montgomery Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Centennial Hill, a neighborhood in Montgomery, Alabama, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 129 affordable units, all designated as low-income units. This LIHTC-funded inventory comprises approximately 10.4% of the total estimated housing stock of 1,236 units in the neighborhood.
The LIHTC program has invested substantially in Centennial Hill, with project tax credits totaling $1,006,096. This investment equates to an average federal funding of $7,799 per unit. The Plaza At Centennial Hill Phase 2, completed in 2016, accounts for all 129 LIHTC-funded units in the neighborhood, consisting of 61 two-bedroom and 68 three-bedroom units.
Centennial Hill has experienced demographic shifts over the past decade. The population has fluctuated, with a general trend of decline from 2010 to 2015, followed by a gradual increase from 2015 to 2022. The median income has shown overall growth, rising from $11,698 in 2013 to $15,629 in 2022, indicating improving economic conditions for residents.
The racial composition of Centennial Hill has remained predominantly African American, with the Black population consistently representing around 85-93% of the total population throughout the decade. There has been a slight increase in diversity, with small increases in the Hispanic population and those identifying as two or more races.
The completion of The Plaza At Centennial Hill Phase 2 in 2016 coincides with a period of population growth and rising median incomes in the neighborhood. This suggests that the LIHTC project may have contributed to stabilizing the community and attracting new residents.
Centennial Hill's LIHTC-funded affordable housing inventory provides a significant contribution to the neighborhood's housing stock. The Plaza At Centennial Hill Phase 2 represents a major investment in family-oriented affordable housing. The neighborhood has experienced demographic changes over the past decade, including population fluctuations and overall income growth. The LIHTC project aligns with these trends, potentially supporting community stability and growth. While the current affordable housing stock is a step towards meeting community needs, there may be room for additional affordable housing development to fully address the estimated demand in Centennial Hill.
