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Affordable Housing in Lexington, Alabama: A Three-Decade LIHTC Legacy
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lexington, Alabama, maintains a modest Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The town possesses 48 affordable units, all categorized as low-income. Based on the 2022 population of 2,056 and an estimated 788 housing units, LIHTC-funded affordable housing comprises approximately 6.1% of the town's estimated housing inventory.
Lexington has received $45,744 in project tax credits through the LIHTC program. With three approximate projects, this equates to an average of $15,248 in federal funding per project. The average federal funding per unit is $953. Lexington accounts for 0.03% of Alabama's total LIHTC funding.
The initial LIHTC project in Lexington, Fieldcrest Apartments, was completed in 1988, while the most recent project, Hermitage Apartments, was finished in 1994. This indicates that affordable housing has been present in the town for over three decades. The 1990s experienced the most affordable housing activity, with two projects completed during that decade.
The LIHTC-funded housing in Lexington consists of 18 one-bedroom units and 14 two-bedroom units. This distribution indicates a focus on accommodating smaller households and families.
Over the past decade, Lexington's population has remained relatively stable, with a slight increase from 1,651 in 2013 to 2,056 in 2022. The median income has shown growth, rising from $51,430 in 2013 to $58,461 in 2022. This increase in median income may suggest a reduced need for additional affordable housing in recent years.
The racial composition of Lexington has remained predominantly white, with a slight increase in diversity. The Hispanic population has grown from 0% in 2013 to 3% in 2022, while the Native American population has remained steady at 1% since 2020. This gradual diversification could potentially influence future affordable housing needs.
Lexington's LIHTC-funded affordable housing inventory provides 48 low-income units, covering about 6.1% of the town's estimated housing stock. The town's LIHTC projects were developed between 1988 and 1994, with no new projects in recent years. This aligns with the town's stable population and increasing median income over the past decade. The existing units primarily cater to smaller households with a mix of one and two-bedroom apartments. As Lexington continues to evolve demographically, ongoing assessment of affordable housing needs will be crucial to ensure adequate housing options for all residents.
