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Affordable Housing in Zip Code 35121: Three Decades of LIHTC Development in Oneonta, Alabama
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 35121 in Oneonta, Alabama, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 227 total units in LIHTC-funded projects, including 155 low-income units. The LIHTC-funded affordable housing comprises approximately 3.92% of the total housing inventory, based on an estimated 5,789 housing units in the zip code.
The LIHTC program has invested $1,417,823 in tax credits for affordable housing projects in zip code 35121. This investment equates to an average federal funding of $6,246 per unit. Notably, this zip code accounts for 0.8% of Alabama's total LIHTC funding, indicating a substantial allocation of resources to this area.
Affordable housing has been present in this community for over thirty years. The initial LIHTC project, River Oaks Apts, was completed in 1990, while the most recent addition, Mccay Senior Gardens, was finished in 2016. The 1990s experienced the most activity in affordable housing development, with three projects completed during this decade.
The LIHTC-funded housing in zip code 35121 offers a range of unit types. There are 24 one-bedroom units, 128 two-bedroom units, and 40 three-bedroom units. This distribution indicates an effort to accommodate various household sizes, with a focus on two-bedroom units.
The population in zip code 35121 has grown steadily over the past decade, increasing from 14,266 in 2013 to 15,110 in 2022, representing a 5.9% growth. This population increase may suggest a growing need for affordable housing options. The median income has fluctuated, peaking at $50,914 in 2016 and declining to $45,527 in 2022. This trend could indicate an increasing demand for affordable housing as incomes have not kept pace with population growth.
The racial composition of zip code 35121 has remained relatively stable. The white population increased slightly from 77% in 2013 to 82% in 2022. The Hispanic population decreased from 17% to 13% during the same period. These demographic shifts, while modest, could influence the need for culturally sensitive affordable housing options.
Zip code 35121 has an established LIHTC-funded affordable housing inventory that has developed over three decades. The current inventory covers nearly 4% of the estimated housing units. There may be potential for growth given the area's population increase and fluctuating median income. The diverse unit types available cater to different household sizes, reflecting an attempt to meet varied housing needs. As demographics continue to evolve, ongoing assessment of affordable housing requirements will be essential to ensure the community's needs are adequately addressed.
