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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 36274 in Roanoke, Alabama, exhibits a specific affordable housing landscape supported by the Low-Income Housing Tax Credit (LIHTC) program. This area contains 110 LIHTC-funded affordable housing units, all of which are designated as low-income units. Based on the estimated 3,865 housing units in the zip code, LIHTC-funded affordable housing constitutes approximately 2.85% of the total housing inventory.
The LIHTC program has invested $972,337 in tax credits for affordable housing projects in this zip code. This equates to an average federal funding of $8,839 per unit. Zip code 36274 accounts for 0.55% of the total LIHTC funding allocated to Alabama.
The affordable housing presence in this zip code spans over a decade. The first LIHTC project, Alfred Radney Apts, was completed in 1999, and the most recent, Wellington Terrace, was finished in 2010. The 2000s experienced the most activity in affordable housing development, with two projects completed during this decade.
The LIHTC-funded housing inventory in this zip code consists of a mix of unit types. There are 12 one-bedroom units, 64 two-bedroom units, and 34 three-bedroom units. This distribution indicates a focus on accommodating families of various sizes.
Over the past decade, zip code 36274 has experienced a slight decline in population, from 11,242 in 2015 to 10,088 in 2022. Despite this decrease, the median income has shown some fluctuation, rising from $38,458 in 2015 to $42,777 in 2022. This increase in median income, even with a declining population, may indicate changing economic dynamics in the area.
The racial composition of zip code 36274 has remained relatively stable over the past decade. The white population has consistently been the majority, comprising approximately 66-68% of the total population. The Black population has remained the second-largest group, maintaining a steady presence of about 28-30% of the population. There has been a slight increase in the Hispanic population and those identifying as two or more races, though these groups remain small percentages of the overall population.
The stability in racial demographics, coupled with the gradual increase in median income, suggests that the existing LIHTC-funded housing continues to play a role in maintaining affordable options in an area that might otherwise be experiencing rising housing costs.
Zip code 36274 in Roanoke, Alabama, has a modest but significant LIHTC-funded affordable housing presence, representing about 2.85% of the estimated housing inventory. The area has seen consistent investment in affordable housing over more than a decade, with projects tailored to accommodate various household sizes. While the population has slightly declined, median incomes have risen, underscoring the ongoing importance of maintaining affordable housing options. The racial composition has remained relatively stable, suggesting that the LIHTC-funded housing may be contributing to maintaining diversity and economic inclusion in the area.