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Affordable Housing in Zip Code 35040: South Pointe Development's Lasting Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 35040 in Calera, Alabama, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This zip code area covers 81.24 square miles with an estimated population of 16,240 as of 2022. The LIHTC program has funded 47 affordable housing units in this zip code, all designated as low-income units. These LIHTC-funded units represent approximately 0.76% of the zip code's estimated housing inventory of 6,222 units.
The LIHTC program has invested $581,512 in tax credits for affordable housing projects in zip code 35040. This equates to an average federal funding of $12,372 per unit. Zip code 35040 accounts for 0.33% of the total LIHTC funding allocated to Alabama. The affordable housing inventory in this zip code consists of a single project, South Pointe Development, completed in 2007. This project has provided affordable housing options in the area for over 15 years.
All 47 units in the LIHTC-funded project are three-bedroom units, indicating a focus on accommodating families or larger households. This composition suggests an emphasis on providing affordable housing options for residents who require more spacious living arrangements.
Zip code 35040 has experienced significant demographic changes over the past decade. The population has increased from 14,287 in 2014 to 16,240 in 2022, a 13.7% growth. During this period, the median income has risen from $55,147 in 2014 to $64,853 in 2022, indicating an overall improvement in economic conditions.
Racial demographics in zip code 35040 have also evolved. The white population has decreased from 72% in 2014 to 64% in 2022, while the Black population has increased from 15% to 23% during the same period. The Hispanic population has remained relatively stable, fluctuating between 5% and 11% over the decade.
Despite these demographic changes, no new LIHTC projects have been developed in zip code 35040 since 2007. This could be due to various factors, including changes in local housing policies, shifts in funding priorities, or potentially the development of affordable housing through other programs not captured in this data.
Zip code 35040 has a single LIHTC-funded affordable housing project, South Pointe Development, which provides 47 three-bedroom units for low-income residents. While this project represents a small portion of the estimated housing inventory, it has been a consistent source of affordable housing in the area since 2007. The zip code has experienced population growth and increasing median incomes over the past decade, along with shifts in racial composition. Despite these changes, no new LIHTC projects have been developed recently, suggesting that other factors may be influencing affordable housing development in the area.
