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Affordable Housing in Goodwater, Alabama: LIHTC's Impact on a Small Town
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Goodwater, a small town in Alabama, has a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The town's LIHTC inventory consists of 44 total affordable units, all of which are designated as low-income units. Based on the estimated housing inventory of approximately 803 units, the LIHTC funded affordable housing covers about 5.5% of the town's housing stock.
Goodwater has received $300,360 in project tax credits from the LIHTC program for affordable housing development. This represents 0.17% of Alabama's total LIHTC funding allocation. With one approximate project, this translates to an average federal funding of $300,360 per project and $6,826 per unit.
The town's affordable housing landscape is marked by the Highland Ridge Apartments, completed in 2004. This project represents the establishment of LIHTC-funded affordable housing in Goodwater, indicating at least 19 years of affordable housing presence in the community. The Highland Ridge Apartments project comprises 44 units, with a diverse mix of unit sizes. The breakdown includes 12 one-bedroom units, 22 two-bedroom units, and 1 three-bedroom unit. This distribution suggests a focus on accommodating various household sizes, with a particular emphasis on smaller families or individuals.
Over the past decade, Goodwater has experienced some notable demographic shifts. The population has decreased from 2,497 in 2015 to 2,097 in 2022, representing a decline of about 16%. Despite this population decrease, the median income has shown an upward trend, rising from $24,310 in 2015 to $32,641 in 2022, an increase of approximately 34%.
The racial composition of Goodwater has remained relatively stable over this period, with a slight increase in the Black population from 69% in 2015 to 74% in 2022, and a corresponding decrease in the White population from 31% to 24%. The town has also seen the emergence of a small multi-racial population, accounting for 2% of residents in recent years.
These demographic trends, particularly the declining population and increasing median income, may have implications for the demand and need for affordable housing in Goodwater. The stable racial composition suggests that any changes in housing needs are likely driven more by economic factors than by shifts in the racial makeup of the community.
Goodwater's LIHTC-funded affordable housing inventory, while modest in size, plays a significant role in the town's housing landscape. The single project, Highland Ridge Apartments, provides 44 units of affordable housing, representing about 5.5% of the estimated housing stock. This development, completed in 2004, has been a long-standing feature of Goodwater's affordable housing options. The town's demographic trends, including a declining population and rising median income, present an evolving context for affordable housing needs. These factors, combined with the stable racial composition, suggest a complex interplay of factors influencing the affordable housing landscape in Goodwater.
