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Affordable Housing in Cullman, Alabama: LIHTC Program Impact and Demographic Trends
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Cullman, located in Alabama, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory that contributes to the city's housing needs. The city has 126 affordable housing units, with 108 designated as low-income units. Based on the estimated housing inventory of 10,588 units, LIHTC-funded affordable housing comprises approximately 1.19% of the city's housing stock.
Cullman has received $900,802 in project tax credits through the LIHTC program. With approximately 4 projects, this translates to an average federal funding of $225,200 per project. When divided by the total units, it amounts to about $7,149 per unit. Cullman holds 0.51% of Alabama's total LIHTC funding.
The city's involvement with LIHTC-funded affordable housing began in 1990 with the Park Manor Apartments and continued until 2007 with the completion of Sara's Ridge Apartments. This 17-year span demonstrates a long-term commitment to affordable housing in Cullman. The 1990s saw the most activity in affordable housing development, with three out of the four projects completed during this decade.
In terms of unit distribution, the LIHTC projects in Cullman include 8 one-bedroom units, 65 two-bedroom units, and 7 three-bedroom units. This mix suggests a focus on accommodating small to medium-sized families.
Over the past decade, Cullman has experienced steady population growth, increasing from 24,241 in 2013 to 27,635 in 2022. The median income has also risen significantly, from $41,700 in 2013 to $55,050 in 2022. This economic improvement may partially explain the lack of new LIHTC projects in recent years.
The racial composition of Cullman has remained relatively stable, with a predominantly white population (around 91% in 2022). The Hispanic population has fluctuated slightly, peaking at 6% in 2016 and settling at 4% in 2022. The city has maintained small but consistent representation of other racial groups.
Cullman's LIHTC-funded affordable housing inventory, while modest in comparison to the overall housing stock, represents a long-term effort to provide affordable options. The city's four LIHTC projects, developed primarily in the 1990s, offer a mix of unit sizes catering to various household needs. Despite the lack of recent LIHTC developments, the city has seen consistent population growth and significant increases in median income over the past decade. This economic trajectory, coupled with the existing affordable housing stock, shapes the current affordable housing landscape in Cullman.
