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Affordable Housing in Zip Code 35951: LIHTC Projects and Mental Health Accommodation
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 35951 in Albertville, Alabama, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 120 total units in LIHTC-funded projects, with 76 designated as low-income units. Based on the 2022 population of 13,894 and an estimated 5,323 housing units, LIHTC-funded affordable housing represents approximately 2.25% of the zip code's estimated housing inventory.
The LIHTC projects in this zip code have received $874,405 in tax credits, averaging about $7,287 per unit. This funding represents 0.49% 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 at least two decades. The first LIHTC project, Angela Meadows, was completed in 2002, followed by Ashbrook in 2006. These projects mark the beginning and end of LIHTC development in the area during the 2000s, which was the most active decade for affordable housing construction in this zip code.
The LIHTC-funded housing stock in 35951 consists of a mix of unit types, with no efficiencies, 12 one-bedroom units, 60 two-bedroom units, and 48 three-bedroom units. This distribution suggests a focus on accommodating small to medium-sized families.
The Angela Meadows project, completed in 2002, targets individuals with mental illness. This specialized housing addresses the unique needs of a vulnerable population, potentially offering supportive services alongside affordable accommodations.
Over the past decade, the zip code has experienced fluctuations in population, with a general trend towards growth until 2020, followed by a slight decline. The median income has increased from $31,114 in 2016 to $47,869 in 2022. This increase in median income could potentially impact the demand for affordable housing in the area.
Racial demographics have shifted, with the Hispanic population growing from 13% in 2013 to 26% in 2022, while the white population decreased from 82% to 69% over the same period. This demographic change may influence future affordable housing needs and development strategies.
Zip code 35951 has a modest LIHTC-funded affordable housing inventory, covering about 2.25% of the estimated housing stock. The area has seen two LIHTC projects completed in the early 2000s, with one specifically targeting individuals with mental illness. The percentage of affordable housing is below the target of 15-20%. The recent increase in median income and changing racial demographics suggest evolving housing needs in the area, which may inform future affordable housing initiatives.
