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Affordable Housing in Lanett, Alabama: LIHTC's Impact on a Small City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lanett, Alabama, with a population of 8,114 as of 2022, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory consisting of 48 total units, all designated as low-income units. This represents approximately 1.54% of the city's estimated housing stock of 3,109 units.
Lanett has received $184,470 in project tax credits from the LIHTC program for affordable housing. With one project, this translates to an average federal funding of $184,470 per project and $3,843 per unit. The city holds 0.1% of the total state LIHTC funding.
The sole affordable housing project in Lanett is Garden Greene Apts, completed in 2006. This project represents the entirety of LIHTC-funded affordable housing in the city, indicating that affordable housing through this program has been present for about 17 years. The Garden Greene Apts project consists of 48 units, including 2 one-bedroom units and 28 two-bedroom units. The project does not have a specified target population.
Over the last decade, Lanett's population has remained relatively stable, fluctuating between 8,000 and 8,300 residents. The median income has increased from $29,000 in 2013 to $39,915 in 2022, representing a 37.6% growth.
The racial demographics of Lanett have shifted noticeably. The Black population has increased from 52% in 2013 to 62% in 2022, while the White population has decreased from 43% to 29% during the same period. The Hispanic population has grown from 1% to 7% over this time frame.
Despite these demographic changes and income growth, there have been no new LIHTC projects in Lanett since 2006. This could be due to various factors, including changes in local housing policies, availability of other affordable housing programs, or shifts in housing priorities.
Lanett's LIHTC-funded affordable housing inventory consists of a single project, Garden Greene Apts, providing 48 low-income units. While this represents a small portion of the city's estimated housing stock, it has been a consistent presence since 2006. The city has experienced demographic shifts, with an increasing Black and Hispanic population, and a notable rise in median income over the past decade. Despite these changes, there has been no expansion of LIHTC-funded housing in recent years, suggesting that other factors may be influencing the city's approach to affordable housing provision.
