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Affordable Housing in Chatom, Alabama: LIHTC Program's Rural 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
Chatom, Alabama, a town with a population of 2,814 as of 2022, has benefited from the Low-Income Housing Tax Credit (LIHTC) program. This program has funded 48 affordable housing units in the community, all of which are designated as low-income units. These LIHTC-funded units represent approximately 4.45% of the town's estimated housing inventory of 1,078 units.
The LIHTC program has provided Chatom with $126,846 in project tax credits. With an estimated two projects, this amounts to an average of $63,423 in federal funding per project. The funding per unit averages $2,643. Chatom's allocation represents 0.07% of Alabama's total LIHTC funding.
Chatom's affordable housing development through LIHTC spans more than a decade. The first project, Megan Manor, was completed in 1997, while the most recent, Westgate Apts II (Chatom), was finished in 2008. The 2000s marked the period of most significant affordable housing development activity in the town.
The LIHTC-funded housing inventory in Chatom comprises 21 one-bedroom units, 19 two-bedroom units, and 8 three-bedroom units. This diverse mix accommodates various household sizes and needs within the community.
Chatom's population has experienced a slight decrease over the past decade, from 2,962 in 2012 to 2,814 in 2022. The median income has fluctuated, rising from $32,718 in 2013 to $36,837 in 2022. The racial composition has remained relatively stable, with a predominantly white population (79% in 2022) and a decrease in the Black population from 20% in 2015 to 13% in 2022. The Hispanic population has shown a small increase from 0% in 2013 to 6% in 2022.
The demographic shifts, particularly the slight population decrease and income fluctuations, may have influenced the absence of new LIHTC projects in the last decade. The stable racial composition suggests that the existing affordable housing continues to serve a diverse community.
Chatom's LIHTC-funded affordable housing inventory, while modest at 48 units, represents a significant component of the town's housing landscape. The program has provided an average of $2,643 per unit in federal funding, contributing to the development of varied unit types to meet different household needs. While no new LIHTC projects have been completed since 2008, the existing inventory continues to play a role in the town's housing ecosystem. The demographic trends over the past decade, including slight population decline and income fluctuations, may have influenced the pace of affordable housing development in recent years.
