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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Enterprise, Alabama, a city with a population of 34,931 as of 2022, has a notable affordable housing inventory funded through the Low-Income Housing Tax Credit (LIHTC) program. The city has 400 total units in LIHTC-funded projects, all of which are designated as low-income units. Based on the estimated housing inventory of 13,384 units, the LIHTC-funded affordable housing covers approximately 3% of the city's housing stock.
Enterprise has received $2,353,713 in project tax credits for affordable housing through the LIHTC program. With approximately 6 projects, this translates to an average of $392,286 in federal funding per project. The average federal funding per unit is $5,884. Enterprise holds 1.32% of Alabama's total LIHTC funding, indicating a modest share of the state's affordable housing resources.
The city's LIHTC-funded affordable housing history spans two decades, with the first project, Enterprise Apts II, completed in 1990, and the most recent, Heron Cove Apts II, in 2010. The 2000s saw the most affordable housing development, with three projects completed during this decade: St Albans in 2004, Heron Cove Apts I in 2005, and Heron Cove Apts II in 2010.
The affordable housing units in Enterprise are primarily composed of one-bedroom, two-bedroom, and three-bedroom units. Specifically, there are 64 one-bedroom units, 112 two-bedroom units, and 68 three-bedroom units, providing a diverse range of options for different household sizes.
Over the past decade, Enterprise has experienced steady population growth, increasing from 31,929 in 2013 to 34,931 in 2022. The median income has also risen, from $55,598 in 2013 to $62,572 in 2022, indicating improving economic conditions for residents.
The racial composition of Enterprise has remained relatively stable, with a slight decrease in the white population from 67% in 2013 to 61% in 2022, and a corresponding increase in diversity. The Hispanic population has grown from 9% to 12% during this period, while the Black population has remained steady at around 19-20%.
Despite these demographic changes and the lack of new LIHTC projects since 2010, the existing affordable housing stock continues to play a crucial role in meeting the needs of low-income residents in Enterprise.
Enterprise's LIHTC-funded affordable housing inventory, while modest at 3% of the estimated housing stock, provides 400 low-income units across approximately 6 projects. The city has received over $2.3 million in tax credits, representing 1.32% of Alabama's LIHTC funding. The affordable housing development in Enterprise spans from 1990 to 2010, with the most active period being the 2000s. The city's population and median income have grown over the past decade, accompanied by a slight increase in racial diversity. While no new LIHTC projects have been completed since 2010, the existing affordable housing continues to serve the community's needs.