Loading Content...
Affordable Housing in Zip Code 35004: A Study of LIHTC-Funded Inventory in Moody, Alabama
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 35004 in Moody, Alabama contains a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area encompasses 176 affordable units, all of which are categorized as low-income units. These LIHTC-funded affordable housing units represent approximately 4% of the zip code's estimated 4,362 housing units.
The LIHTC program has allocated $574,402 in tax credits for affordable housing projects in zip code 35004. This allocation equates to an average federal funding of $3,263 per unit. Zip code 35004 accounts for 0.32% of Alabama's total LIHTC funding allocation.
Affordable housing has been present in this community for nearly three decades. The initial LIHTC project, Ashley Manor II, was completed in 1993, while the most recent, Woodcroft Apartments, was finished in 1998. The 1990s marked the period of most significant affordable housing development in this area.
The affordable housing inventory in zip code 35004 consists of a variety of unit types. There are 40 one-bedroom units, 88 two-bedroom units, and 48 three-bedroom units, providing options for different household sizes.
Over the past decade, the population in zip code 35004 has increased from 9,894 in 2013 to 11,386 in 2022, indicating steady growth. The median income has also risen, from $61,950 in 2013 to $71,447 in 2022, suggesting improved economic conditions for some residents.
Racial demographics have remained relatively stable, with a slight decrease in the white population from 87% in 2013 to 82% in 2022, and a small increase in diversity. The Black population has remained consistent at around 10-12% throughout this period.
Despite population growth and rising median income, no new LIHTC projects have been developed in zip code 35004 in the last decade. This could be attributed to various factors, including changes in local housing policies, shifts in funding priorities, or a perception that the existing affordable housing stock is adequate for current needs.
Zip code 35004 has a modest LIHTC-funded affordable housing inventory, comprising about 4% of its estimated housing units. The area experienced significant affordable housing development in the 1990s, with three projects providing a mix of unit types. While the population and median income have grown over the past decade, no new LIHTC projects have been added. The existing affordable housing continues to contribute to housing diversity in this growing community.
