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Affordable Housing in Ozark, Alabama: Two Decades of LIHTC Projects
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Ozark, Alabama, a city with a population of 17,414 as of 2022, encompasses an area of 34.34 square miles. The city's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprises 93 units, all of which are designated as low-income units. This LIHTC-funded housing represents approximately 1.39% of the city's estimated 6,672 housing units.
Ozark has received $801,670 in project tax credits through the LIHTC program. With two projects, this equates to an average federal funding of $400,835 per project. The average federal funding per unit is $8,620. Ozark's LIHTC funding represents 0.45% of Alabama's total LIHTC funding.
The city's LIHTC-funded affordable housing development spans from 1991 to 2013. The first project, Arrow Head Apts, was completed in 1991, while the most recent, Avon Square Townhomes, was finished in 2013. The 2010s marked the most recent period of affordable housing development in Ozark.
The LIHTC inventory in Ozark includes 47 two-bedroom units and 9 three-bedroom units. The remaining 37 units from Arrow Head Apts lack specified bedroom information in the available data.
Ozark's population has experienced a slight decline from 17,978 in 2010 to 17,414 in 2022. The median income has increased from $44,239 in 2013 to $49,939 in 2022. Regarding racial demographics, the white population has decreased from 68% in 2013 to 63% in 2022, while the Hispanic population has increased from 3% in 2013 to 6% in 2022. The Black population has remained relatively stable at approximately 27-28%.
In summary, Ozark's LIHTC-funded affordable housing constitutes a small portion of the city's estimated housing stock. The city has received over $800,000 in tax credits, supporting two projects over two decades. Despite a slight population decline, the median income has increased, and there have been subtle shifts in racial demographics. The most recent LIHTC project was completed in 2013, which may indicate a need to reassess affordable housing requirements in light of changing demographics and economic conditions.
