Loading Content...
Affordable Housing in Zip Code 35650: Three Decades of LIHTC Development in Moulton, 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 35650, located in Moulton, Alabama, contains a significant inventory of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. This area has 161 low-income units distributed across 6 LIHTC-funded projects. Based on the 2022 population of 14,289 and using the national average household size of 2.61, it is estimated that there are approximately 5,475 housing units in this zip code. The LIHTC-funded affordable housing comprises about 2.94% of the estimated housing inventory in this area.
The LIHTC projects in zip code 35650 have received $842,562 in tax credits, averaging about $5,233 per unit. This funding represents 0.47% of Alabama's total LIHTC allocations, indicating a modest investment in affordable housing for this area. Affordable housing has been present in this zip code for over three decades. The first LIHTC projects, Chickasaw Estates and Moulton Village Apartments, were completed in 1989. The most recent project, Fieldstone Apartments, was completed in 2008.
The 2000s saw the most affordable housing development, with three projects completed during this decade: Rosewood Manor Apartments (2000), Alexander Terrace Apartments II (2004), and Fieldstone Apartments (2008). The LIHTC-funded housing in this zip code offers a mix of unit types. There are 18 one-bedroom units, 66 two-bedroom units, and 32 three-bedroom units. This distribution suggests a focus on accommodating small to medium-sized families.
Over the past decade, the population in zip code 35650 has remained relatively stable, with only minor fluctuations. The median income has shown an overall upward trend, increasing from $42,292 in 2013 to $50,807 in 2022. This rise in median income may partially explain why no new LIHTC projects have been developed since 2008.
Racial demographics have remained largely consistent, with the white population comprising the majority (around 81-83%) throughout the past decade. There has been a slight increase in racial diversity, with the percentage of residents identifying as two or more races growing from 2% in 2013 to 7% in 2022.
Zip code 35650 has a modest LIHTC-funded affordable housing inventory, covering about 2.94% of the estimated housing stock. The area has seen steady development of affordable housing from 1989 to 2008, with the most activity occurring in the 2000s. While the population has remained stable, the median income has increased over the past decade. The racial composition has shown slight diversification, but remains predominantly white. These demographic trends, particularly the rising median income, may have influenced the lack of new LIHTC developments since 2008. Other affordable housing programs not captured in this data may also be contributing to meeting the area's housing needs.
