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Affordable Housing in Zip Code 35806: LIHTC Funding and Demographic Shifts in Huntsville, 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 35806 in Huntsville, Alabama, exhibits a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area contains 292 units in LIHTC-funded projects, with 184 designated as low-income units. LIHTC-funded affordable housing comprises approximately 3.1% of the total housing inventory, based on an estimated 9,415 housing units in the zip code.
The LIHTC program has made substantial investments in this zip code, with project tax credits totaling $2,291,052. This equates to an average federal funding of $7,846 per unit across all LIHTC-funded projects. Zip code 35806 accounts for 1.29% of Alabama's total LIHTC funding, indicating significant investment in affordable housing for this area.
The affordable housing landscape in this zip code has developed over time. The first LIHTC project, Lakeshore Crossing Apartments, was completed in 2004, while the most recent, Franklin Hills, was finished in 2013. This nine-year span demonstrates a consistent commitment to developing affordable housing in the area. The 2000s saw the most activity in LIHTC development, with two projects completed during this decade.
LIHTC-funded projects in this zip code offer a range of unit types. The inventory includes 44 one-bedroom units, 188 two-bedroom units, and 60 three-bedroom units, accommodating various household sizes and needs.
Zip code 35806 has experienced significant population growth over the past decade, increasing from 19,008 in 2013 to 24,574 in 2022, representing a 29.3% increase. This population growth may have contributed to the need for affordable housing options. The median income in the area has fluctuated, peaking at $91,494 in 2016 and settling at $82,479 in 2022. This decrease in median income could potentially increase the demand for affordable housing options.
Racial demographics have remained relatively stable, with a slight increase in diversity. The white population has increased modestly from 56% in 2013 to 59% in 2022, while the Black population has decreased slightly from 32% to 29%. The Hispanic population has grown from 3% to 6% during this period, potentially indicating a growing need for culturally diverse housing options.
Zip code 35806 in Huntsville, Alabama, demonstrates a commitment to affordable housing through its LIHTC-funded projects. These projects provide crucial low-income housing options in an area experiencing population growth and income fluctuations. The diverse unit types offered by these projects cater to various household needs, reflecting the changing demographics of the area. As the population continues to grow and diversify, ongoing assessment of affordable housing needs will be essential to ensure adequate housing options for all residents.
