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Affordable Housing in La Fayette, Alabama: A Historical Perspective on LIHTC 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
La Fayette, Alabama, a city with a population of 3,999 as of 2022, has 53 total units of Low-Income Housing Tax Credit (LIHTC) funded affordable housing, including 26 low-income units. This comprises approximately 3.46% of the city's estimated 1,532 housing units.
La Fayette has received $44,681 in LIHTC project tax credits, averaging $22,340.50 per project across two approximate projects. The average federal funding per unit is $842.94. The city holds 0.03% of Alabama's total LIHTC funding.
LIHTC-funded affordable housing projects in La Fayette span from 1987 to 1992. Indianwood II, constructed in 1987, was the first project, followed by Valley View Apartments in 1992. This five-year period marks the initiation and early development of affordable housing in the city.
The LIHTC-funded projects in La Fayette consist of 24 one-bedroom units and 6 two-bedroom units, indicating a focus on smaller household sizes in the affordable housing inventory.
La Fayette's population has slightly declined from 4,090 in 2019 to 3,999 in 2022. The median income fluctuated, peaking at $41,395 in 2018 before decreasing to $38,358 in 2022. The racial composition has remained relatively stable, with the Black population forming the majority at 54-57%, followed by the White population at 40-42%.
The demographic data suggests a potential need for affordable housing, despite the absence of new LIHTC projects in the last decade. The fluctuating median income and slight population decline may indicate economic challenges that could benefit from additional affordable housing options.
La Fayette's LIHTC-funded affordable housing inventory provides 53 units to the community, with nearly half designated as low-income units. The city's share of state LIHTC funding is 0.03%, with projects developed in the late 1980s and early 1990s. The housing stock focuses on smaller units, primarily one-bedroom apartments. The city's demographic trends, including income fluctuations and population changes, suggest an ongoing need for affordable housing options.
