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Affordable Housing in Zip Code 35603: A Decade of LIHTC Investment in Decatur, 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
The zip code 35603 in Decatur, Alabama, contains a substantial Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 409 total affordable units, all of which are designated as low-income units. Based on an estimated 11,613 housing units in the zip code, LIHTC funded affordable housing comprises approximately 3.52% of the total housing inventory.
The LIHTC program has invested $2,518,634 in project tax credits in this zip code. This equates to an average federal funding of $6,158 per unit. Zip code 35603 accounts for 1.41% of Alabama's total LIHTC funding, indicating its importance in the state's affordable housing efforts.
Affordable housing in this zip code spans over 15 years. The first LIHTC project, Harbor Square Apartments, was completed in 1995, and the most recent, Harbor Pointe Apartments II, was finished in 2010. The 1990s experienced the most affordable housing development, with five projects completed during this decade.
The housing mix in these LIHTC projects includes 95 one-bedroom, 238 two-bedroom, and 40 three-bedroom units. This variety accommodates different household sizes and needs within the low-income population.
The zip code's population has remained relatively stable over the past decade, increasing slightly from 29,939 in 2015 to 30,311 in 2022. During this period, the median income increased from $59,290 in 2015 to $67,130 in 2022, indicating a gradual improvement in economic conditions.
The racial composition of the area has experienced some changes. The white population decreased from 77% in 2015 to 74% in 2022, while the Black population increased from 11% to 15%. The Hispanic population grew from 5% to 7% during this period. These demographic shifts suggest a gradually diversifying community, which may influence future affordable housing needs.
Zip code 35603 in Decatur, Alabama, has an established LIHTC funded affordable housing inventory, covering about 3.52% of the estimated housing stock. With over $2.5 million in tax credits invested, this area represents a significant portion of Alabama's LIHTC efforts. The affordable housing developments span from 1995 to 2010, with a focus on one and two-bedroom units. While the population has remained relatively stable over the past decade, slight increases in median income and racial diversity may influence future affordable housing needs in this zip code.
