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Affordable Housing in Zip Code 36268: A Single LIHTC Project's Impact in Munford, 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 36268 in Munford, Alabama, contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project provides 24 total units, all of which are designated as low-income units. The estimated housing inventory for this zip code, based on the 2022 population of 6,738 and the national average household size of 2.61, is approximately 2,582 units. The LIHTC-funded affordable housing covers about 0.93% of the estimated housing inventory in this zip code.
The LIHTC project in this zip code received $38,198 in tax credits, averaging $1,592 per unit. This funding represents 0.02% of Alabama's total LIHTC allocation. The sole project, Munford Village, was completed in 1993, indicating nearly three decades of affordable housing presence in the area.
The project's unit distribution includes 4 one-bedroom units, 16 two-bedroom units, and 4 three-bedroom units. This mix suggests a focus on accommodating small to medium-sized families or individuals.
Over the past decade, the zip code has experienced population growth, increasing from 5,475 in 2013 to 6,738 in 2022. The median income has also risen, from $45,290 in 2013 to $60,123 in 2022, indicating improving economic conditions.
Racial demographics have remained relatively stable, with a slight increase in the white population from 75% in 2020 to 81% in 2022, and a decrease in the Black population from 19% to 14% during the same period. The Hispanic population has remained constant at around 2-3%.
Despite the population growth and income increase, no new LIHTC projects have been developed in the last decade. This could be due to the improved economic conditions reducing the perceived need for additional affordable housing, or other factors not captured in the available data.
The 36268 zip code in Munford, Alabama, has a single LIHTC-funded affordable housing project that has been serving the community since 1993. While it represents a small portion of the estimated housing inventory, it provides 24 low-income units. The area has experienced population growth and increased median income over the past decade, which may have influenced the lack of new LIHTC developments. The existing project continues to play a role in providing affordable housing options in this growing community.
