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Affordable Housing in Zip Code 35473: LIHTC Funded Units in Northport, 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 35473 in Northport, Alabama, contains 153 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. All of these units are designated as low-income. Based on the 2022 population of 21,861 and the national average household size, the estimated number of housing units in this zip code is 8,376. The LIHTC funded affordable housing comprises approximately 1.83% of the estimated housing inventory in the area.
The LIHTC program has allocated $826,223 in tax credits for affordable housing projects in zip code 35473. This equates to an average federal funding of $5,400 per unit. This zip code represents 0.46% of Alabama's total LIHTC funding allocation.
Affordable housing has existed in zip code 35473 since at least 2007, with the most recent project completed in 2011. The 2010s experienced the highest affordable housing development activity. The inventory consists of 16 one-bedroom units, 92 two-bedroom units, and 45 three-bedroom units, offering a range of housing options for low-income residents.
Two significant projects in zip code 35473 are Saddlewood Apartments, completed in 2007, and Providence Place Apartments, finished in 2011. These projects have substantially contributed to the affordable housing stock in the area over the past 15 years.
The population of zip code 35473 has increased from 18,345 in 2020 to 21,861 in 2022. The median income has fluctuated, rising from $73,042 in 2020 to $77,661 in 2021, then decreasing to $73,910 in 2022. This income level indicates a continued need for affordable housing options in the area.
Racial demographics in zip code 35473 have remained relatively stable, with minor changes in diversity. The white population decreased from 76% in 2020 to 74% in 2021, then returned to 76% in 2022. The Black population increased from 18% in 2020 to 19% in 2021, then decreased to 17% in 2022. The Hispanic population has remained constant at 4% since 2020.
Zip code 35473 in Northport, Alabama, has a modest but noteworthy LIHTC funded affordable housing presence, representing about 1.83% of the estimated housing inventory. The area has received consistent investment in affordable housing over the past 15 years, with two major projects contributing to a diverse range of unit types. Despite relatively high median income in the area, population growth and slight income fluctuations suggest an ongoing need for affordable housing options. The racial demographics have remained relatively stable, with a slight trend towards increased diversity.
