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Affordable Housing in Five Points South: LIHTC Impact and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Five Points South, a neighborhood in Birmingham, Alabama, contains 180 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units represent 3.86% of the estimated 4,666 total housing units in the neighborhood as of 2022. The LIHTC projects have received $950,138 in tax credits, averaging $5,278 per unit in federal funding.
The LIHTC program in Five Points South spans from 1988 to 2017, indicating a long-term commitment to affordable housing. Quinlan Castle, completed in 1988, provides 72 low-income units, while Highland Manor, finished in 2017, offers 108 low-income units. These projects significantly contribute to the neighborhood's affordable housing inventory.
Five Points South has experienced demographic changes over the past decade. The population increased from 8,985 in 2013 to 12,177 in 2022. Median income rose from $39,822 in 2013 to $49,884 in 2022. Racial demographics remained relatively stable, with slight variations in the Black, Asian, and White populations.
The completion of Highland Manor in 2017 coincides with the period of population growth and rising median income, potentially addressing increased demand for affordable housing during neighborhood development. The current LIHTC-funded affordable housing inventory, while significant, falls below typical affordable housing targets of 15-20% of total housing stock.
Five Points South's LIHTC-funded affordable housing represents a small but important portion of its housing stock. The neighborhood has seen consistent investment in affordable housing from the late 1980s to the late 2010s. The current inventory provides crucial low-income units in an area experiencing population growth and rising median incomes. Demographic trends over the past decade suggest ongoing changes in the neighborhood that may influence future affordable housing needs and development strategies.
