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Affordable Housing in Irondale, Alabama: LIHTC Funding 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
Irondale, Alabama, has a distinct affordable housing landscape supported by the Low-Income Housing Tax Credit (LIHTC) program. The city's LIHTC-funded affordable housing inventory comprises 320 total units, with 14 specifically designated as low-income units. Based on the 2022 population of 15,372 and an estimated 5,890 housing units, the LIHTC-funded units represent approximately 5.4% of the city's estimated housing stock.
Irondale has received $1,464,535 in project tax credits for affordable housing through the LIHTC program. With two approximate projects, this translates to an average of $732,268 in federal funding per project. The average federal funding per unit is $4,577, considering the total of 320 units in LIHTC-funded projects. Notably, Irondale holds 0.82% of Alabama's total LIHTC funding, indicating a significant contribution to the state's affordable housing efforts.
The city's LIHTC-funded housing projects span from 2005 to 2006, demonstrating a concentrated period of affordable housing development. Hunter Ridge Apartments Phase I, completed in 2005, marks the beginning of this era, followed by Hunter Ridge Apartments Phase II in 2006. This two-year period represents the most active time for affordable housing completion in Irondale.
The inventory of LIHTC-funded units in Irondale is diverse, comprising 68 one-bedroom, 160 two-bedroom, and 92 three-bedroom units. This distribution caters to various household sizes and needs within the community.
Over the past decade, Irondale's population has remained relatively stable, with a slight increase from 14,984 in 2014 to 15,372 in 2022. The median income has shown a positive trend, rising from $57,128 in 2014 to $67,941 in 2022, indicating improving economic conditions for residents.
Racial demographics have seen subtle shifts. The white population has increased slightly from 58% in 2014 to 61% in 2022, while the black population has decreased from 31% to 29% during the same period. The Hispanic population has remained relatively stable, decreasing slightly from 8% to 7%.
These demographic trends, particularly the rising median income, may explain why no new LIHTC projects have been developed in the last decade. The improving economic conditions could suggest a reduced need for additional low-income housing units.
Irondale's LIHTC-funded affordable housing inventory, while not extensive, provides a foundation for addressing low-income housing needs. The city's two LIHTC projects, completed in the mid-2000s, offer a variety of unit sizes to accommodate different household compositions. The significant portion of state funding received highlights Irondale's role in Alabama's affordable housing efforts. While demographic trends show economic improvement, ongoing monitoring of housing affordability remains crucial to ensure the city continues to meet the needs of all its residents.
