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Affordable Housing in Zip Code 35758: Three Decades of LIHTC Development in Madison, 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 35758, located in Madison, Alabama, contains a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area encompasses 412 total affordable units, all of which are classified as low-income units. Based on the 2022 population of 47,732 and the national average household size, the estimated housing inventory is 18,288 units. LIHTC funded affordable housing represents approximately 2.25% of the zip code's housing stock.
The LIHTC projects in zip code 35758 have received $1,338,778 in project tax credits, with an average of $3,250 in federal funding per unit. This zip code accounts for 0.75% of Alabama's total LIHTC funding, indicating a modest portion of the state's affordable housing resources. Affordable housing has been present in this zip code for over 30 years, with the initial project, Hunters Chase, completed in 1989, and the most recent, Eagle's Landing Development, in 2010. The 1990s experienced the highest affordable housing development activity, with projects such as Arbors of Madison (1991) and Arlington Park (1993) being completed during this period.
The LIHTC funded projects in zip code 35758 offer a variety of unit types, including 51 two-bedroom units, 29 three-bedroom units, and one one-bedroom unit, providing options for different household sizes.
Zip code 35758 has experienced consistent population growth over the past decade, increasing from 42,650 in 2013 to 47,732 in 2022. The median income has fluctuated but remained relatively high, ranging from $98,543 to $111,294. This suggests an affluent area, which may explain the limited number of LIHTC projects in recent years.
The racial composition of zip code 35758 has remained relatively stable, with a slight decrease in the white population (from 73% in 2013 to 67% in 2022) and small increases in Asian, Hispanic, and multi-racial populations. The black population has remained consistent at approximately 14-15%.
Zip code 35758 in Madison, Alabama, possesses a moderate LIHTC funded affordable housing inventory that comprises about 2.25% of its estimated housing stock. The area has experienced LIHTC project development from 1989 to 2010, with the highest activity occurring in the 1990s. The zip code's high median income and steady population growth may influence the limited recent development of LIHTC projects. Although the affordable housing inventory provides important options for low-income residents, it represents a small portion of the overall housing stock in this relatively affluent area.
