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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
South East Lake, a neighborhood in Birmingham, Alabama, has a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory consists of 66 affordable units, all of which are designated as low-income units. This affordable housing stock plays a significant role in addressing the community's housing needs.
Based on the 2022 population of 7,254 and using the national average household size, the estimated housing inventory for South East Lake is approximately 2,779 units. The 66 LIHTC-funded affordable units represent about 2.37% of this estimated housing stock. This percentage is lower than the target of 15-20% for affordable housing.
The LIHTC program has invested $242,345 in tax credits for affordable housing in South East Lake. This translates to an average of $3,672 in federal funding per unit, considering the 66 total units in LIHTC-funded projects. The East Lake House, completed in 2008, is the only LIHTC project in the neighborhood. This project has been providing affordable housing options for over a decade, demonstrating a long-term commitment to addressing housing needs in South East Lake.
The East Lake House consists of 66 units, including 3 efficiencies and 63 one-bedroom units. This unit mix suggests a focus on accommodating smaller households or individuals, which may align with the neighborhood's demographic needs.
Over the past decade, South East Lake has experienced some demographic shifts. The population has remained relatively stable, with slight fluctuations. In 2022, the neighborhood had 7,254 residents, compared to 7,175 in 2010. Median income in the area has shown some variability. In 2013, the median income was $26,359, which increased to $32,821 by 2022. This represents a 24.5% increase over nine years, indicating some economic improvement in the neighborhood.
Racial demographics have also evolved. The Black population has decreased slightly from 74% in 2013 to 69% in 2022, while the White population has remained relatively stable, moving from 25% to 24% in the same period. The Hispanic population has grown from 1% to 5%, suggesting increasing diversity in the neighborhood. These demographic trends, particularly the modest income growth and increasing diversity, may influence the ongoing need for affordable housing in South East Lake.
South East Lake's LIHTC-funded affordable housing, while comprising a small portion of the estimated housing stock, plays a crucial role in addressing local housing needs. The East Lake House, completed in 2008, provides 66 affordable units, primarily one-bedroom apartments. The neighborhood has experienced moderate income growth and increasing diversity over the past decade, factors that may continue to shape its affordable housing requirements. While the current LIHTC inventory covers a small percentage of the estimated housing stock, it represents an important foundation for affordable housing in the area.