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Affordable Housing in Eclectic, Alabama: Long-Standing LIHTC Project Amidst Population Growth
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Eclectic, Alabama, has a single Low-Income Housing Tax Credit (LIHTC) funded affordable housing project that has been serving the community for over three decades. The town's affordable housing inventory consists of 15 units, all of which are designated as low-income. This accounts for approximately 0.77% of Eclectic's estimated 1,950 housing units.
The LIHTC program has provided $23,367 in project tax credits for affordable housing in Eclectic. This translates to an average federal funding of $23,367 per project and $1,558 per unit. Eclectic's share of Alabama's total LIHTC funding is 0.01%, indicating a relatively small portion of the state's affordable housing resources.
The sole LIHTC-funded project in Eclectic, named Rosewood, was completed in 1991. This project marked the initiation of LIHTC-funded affordable housing in the town. Rosewood comprises 15 units, including 5 one-bedroom units and 1 two-bedroom unit, suggesting a focus on smaller household sizes in the affordable housing inventory.
Eclectic's population has grown steadily over the past decade, increasing from 4,325 in 2010 to 5,090 in 2022. Concurrently, the median income has risen from $49,713 in 2013 to $59,026 in 2022, indicating an overall improvement in economic conditions.
The racial demographics of Eclectic have remained relatively stable. The white population has consistently represented the majority, ranging from 82% to 87% over the past decade. The Black population has slightly increased from 8% in 2013 to 11% in 2022. The proportion of residents identifying as two or more races has fluctuated between 1% and 5%.
Despite the population growth and income increases, no new LIHTC projects have been developed in Eclectic since 1991. This lack of expansion in LIHTC-funded housing could be attributed to various factors, including changes in housing needs, availability of alternative affordable housing options, or shifts in local housing policies.
Eclectic's LIHTC-funded affordable housing inventory, while small, has been a consistent part of the community for over 30 years. The single project, Rosewood, provides 15 low-income units, primarily consisting of one-bedroom apartments. The town has experienced population growth and increased median income over the past decade, yet there has been no expansion of LIHTC-funded housing during this period. The racial demographics have remained relatively stable, with a slight increase in diversity. These trends provide insights into the affordable housing landscape of Eclectic and may inform future housing policy decisions.
