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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Pamona, a neighborhood in Semmes, Alabama, has a population of 963 as of 2022. The neighborhood has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, providing 48 affordable units, all designated as low-income units. Based on the estimated 369 housing units in the neighborhood, the LIHTC funded affordable housing covers approximately 13% of the neighborhood's housing inventory.
The LIHTC program has invested $390,073 in tax credits for affordable housing in Pamona. This translates to an average federal funding of $8,126 per unit. The neighborhood's sole LIHTC project, Baytown Senior Village, was completed in 2015, marking the beginning of LIHTC-funded affordable housing in the area.
Baytown Senior Village consists of 48 units, evenly split between one-bedroom and two-bedroom apartments, with 24 units of each type. This distribution suggests a focus on accommodating smaller households, potentially catering to seniors or small families.
Over the past decade, Pamona has experienced significant population growth, increasing from 683 residents in 2013 to 963 in 2022. This 41% population increase may have contributed to the need for affordable housing options, leading to the development of Baytown Senior Village in 2015.
The median income in Pamona has fluctuated over the years, peaking at $58,629 in 2017 before declining to $49,640 in 2022. This recent decrease in median income could indicate a growing need for affordable housing options in the neighborhood.
Racial demographics in Pamona have remained relatively stable, with the white population constituting the majority. However, there has been a slight increase in diversity, with the Black population growing from 12% in 2013 to 20% in 2022. The Hispanic population has remained relatively small, fluctuating between 0% and 5% over the past decade.
Pamona's LIHTC-funded affordable housing inventory, consisting of 48 units in Baytown Senior Village, addresses approximately 13% of the neighborhood's estimated housing needs. The project, completed in 2015, coincides with a period of significant population growth in the area. The even distribution of one-bedroom and two-bedroom units suggests a focus on smaller households. The recent decline in median income and continued population growth may indicate an ongoing need for affordable housing options in the neighborhood.