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Affordable Housing in Greenville, Alabama: LIHTC Program Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Greenville, Alabama, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 243 total units, with 207 designated as low-income units. Based on the 2022 population of 12,251 and using the national average household size, the estimated housing inventory for Greenville is approximately 4,694 units. The LIHTC-funded affordable housing units represent about 5.2% of this estimated housing stock.
Greenville has received $1,162,915 in project tax credits for affordable housing through the LIHTC program. With approximately 6 projects, this translates to an average of $193,819 in federal funding per project. When considering the total units, the average federal funding per unit is about $4,786. Greenville holds 0.65% of Alabama's total LIHTC funding.
The city's LIHTC-funded affordable housing development began in 1993 with the completion of Greenville Village and Meadowview Apartments. The most recent project, Susanna Ridge, was completed in 2005, indicating over a decade of affordable housing development in Greenville. The 2000s saw the most affordable housing activity, with projects like Commerce Street Manor Apartments and Perdue Village Apartments being completed that year.
The LIHTC-funded projects in Greenville include 64 one-bedroom units, 116 two-bedroom units, and 63 three-bedroom units, providing a range of options for different household sizes.
Over the past decade, Greenville's population has decreased from 13,062 in 2014 to 12,251 in 2022. During this period, the median income has increased from $35,939 in 2014 to $51,314 in 2022. This income growth might indicate a reduced need for new affordable housing projects in recent years.
The racial composition of Greenville has remained relatively stable, with a slight increase in the Black population (from 50% in 2014 to 51% in 2022) and a small decrease in the White population (from 47% in 2014 to 43% in 2022). The Asian and Hispanic populations have seen minor increases, now each representing about 2% of the population.
Greenville's LIHTC-funded affordable housing inventory represents a small but significant portion of its estimated housing stock. The city has benefited from LIHTC investment from 1993 to 2005. No new LIHTC projects have been recorded in recent years, which could be related to the city's declining population and rising median income. The existing affordable housing stock provides a mix of unit sizes, catering to various household needs. As Greenville continues to evolve demographically and economically, ongoing assessment of affordable housing needs will be crucial to ensure adequate housing options for all residents.
