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Affordable Housing in Central Park, Birmingham: A Three-Decade Presence
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Central Park, a neighborhood in Birmingham, Alabama, has a presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 21 total units, all designated as low-income units. Based on the 2022 population of 3,690 and using the national average household size of 2.61, the estimated number of housing units in the neighborhood is approximately 1,414. The LIHTC funded affordable housing represents about 1.49% of the estimated housing inventory in Central Park.
The LIHTC program has provided $38,440 in tax credits for affordable housing projects in Central Park. This equates to an average federal funding of approximately $1,830 per unit. The neighborhood has two LIHTC funded projects: South Park Apts, completed in 1992, and Fair Park Apts, completed in 1993. This indicates that affordable housing has been present in Central Park for over three decades. The early 1990s witnessed the most affordable housing development activity in this neighborhood.
The Fair Park Apts project consists of two two-bedroom units, contributing to the diversity of affordable housing options in the area. Information on unit types for South Park Apts is not available, but it accounts for 19 of the 21 total low-income units in the neighborhood.
Over the past decade, Central Park has experienced a decline in population, from 4,815 in 2013 to 3,690 in 2022. Despite this decrease, the median income has shown an overall upward trend, rising from $30,317 in 2013 to $38,116 in 2022, with some fluctuations in between. The racial composition of the neighborhood has remained relatively stable, with the Black population consistently representing around 95% of residents.
The absence of new LIHTC projects in the last decade could be attributed to the declining population and the increasing median income, which might suggest a reduced need for additional low-income housing units. However, other factors and housing programs not captured in this data could also influence affordable housing development decisions.
Central Park's LIHTC funded affordable housing inventory, while modest in size, has been a long-standing feature of the neighborhood since the early 1990s. The 21 low-income units represent a small portion of the estimated housing stock, covering about 1.49% of the neighborhood's housing needs. Despite population decline, the area has seen an increase in median income over the past decade. The stability in racial composition, with a predominantly Black population, has remained consistent. While no new LIHTC projects have been developed recently, the existing units continue to provide affordable housing options for the community.
