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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Talladega, Alabama, renowned for its NASCAR superspeedway, possesses a substantial Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 406 total units in LIHTC-funded projects, with 244 designated as low-income units. Based on the estimated housing inventory of 7,429 units, LIHTC-funded affordable housing comprises approximately 5.5% of the city's housing stock.
Talladega has received $2,439,733 in project tax credits for affordable housing through the LIHTC program. With 11 approximate projects, this averages to about $221,794 per project. The average federal funding per unit is approximately $6,009. Talladega holds 1.37% of Alabama's total LIHTC funding.
The city's affordable housing development spans over two decades, from the earliest projects in 1993 to the most recent in 2016. The 1990s experienced the highest level of affordable housing development, with six projects completed during this period.
The LIHTC-funded housing in Talladega offers a variety of unit types, including 78 one-bedroom, 182 two-bedroom, and 56 three-bedroom units. This range accommodates various household sizes and needs.
Northgate Place Apts, completed in 2001, is a notable project targeting individuals with mental illness. This specialized housing addresses the needs of a vulnerable population, potentially offering supportive services alongside affordable housing.
Over the past decade, Talladega's population has decreased from 20,689 in 2013 to 19,389 in 2022. Despite this decline, the median income has increased from $30,217 in 2013 to $33,638 in 2022, indicating some economic improvement.
The racial composition of Talladega has changed, with the Black population increasing from 45% in 2013 to 51% in 2022, while the White population decreased from 50% to 41% during the same period. The Hispanic population has grown from 1% to 4%.
The most recent LIHTC project was completed in 2016, coinciding with the period of population decline and increasing median income. This may suggest that the need for additional affordable housing has stabilized or decreased in recent years.
Talladega's LIHTC-funded affordable housing inventory represents a significant investment in addressing the housing needs of low-income residents. The 406 LIHTC units, with 244 designated as low-income, cover about 5.5% of the estimated housing stock. The diverse unit types and targeted projects demonstrate efforts to meet varied housing needs. The slowing of LIHTC development in recent years aligns with population trends and rising median incomes. The racial demographic shifts and income changes provide context for understanding the evolving affordable housing landscape in Talladega.