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Affordable Housing Landscape in Zip Code 35045: A 26-Year LIHTC Presence in Clanton, 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 35045 in Clanton, Alabama, encompasses an area of 104.96 square miles with a population of 13,500 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded 145 affordable housing units in this zip code, all of which are designated as low-income units. These LIHTC-funded units represent approximately 2.8% of the estimated 5,172 total housing units in the zip code.
The LIHTC program has invested $1,150,054 in tax credits for affordable housing projects in zip code 35045, which accounts for 0.65% of the total state funding. This investment translates to an average federal funding of $7,931 per unit. The zip code has experienced LIHTC-funded affordable housing development from 1990 to 2016, indicating a 26-year span of such initiatives.
Two affordable housing projects were completed in the 1990s: Clanton Villas in 1990 and Ezra Cunningham Apts in 1999. The most recent project, Cobblestone Village Apartments, was completed in 2016. This data suggests that the 1990s saw the highest number of affordable housing project completions in this zip code.
The affordable housing inventory in zip code 35045 consists of 60 one-bedroom units, 33 two-bedroom units, and 16 three-bedroom units. There are no efficiency units or four-bedroom units reported in the LIHTC-funded projects.
The population of zip code 35045 has remained relatively stable over the past decade, fluctuating between 13,000 and 14,000 residents. The median income has shown an overall upward trend, increasing from $43,525 in 2015 to $48,347 in 2022, with a peak of $58,011 in 2021.
Racial demographics in zip code 35045 have remained fairly consistent. The white population has comprised the majority at approximately 75-79% throughout the decade. The Black population has slightly decreased from 15% to 12%, while the Hispanic population has increased from 3% to 6% between 2013 and 2022.
The most recent LIHTC project in 2016 coincides with a period of relative stability in population and gradual increase in median income. This data suggests that while the economy has been improving, there is still a need for affordable housing options in zip code 35045.
Zip code 35045 has a modest LIHTC-funded affordable housing inventory, covering about 2.8% of the estimated housing stock. The area has seen consistent investment in affordable housing over nearly three decades, with projects ranging from 33 to 56 units each. While the population has remained stable and median income has increased, the continued development of affordable housing through 2016 indicates an ongoing need for such units in the community. The changing racial demographics, particularly the increase in the Hispanic population, may also influence future affordable housing needs in zip code 35045.
