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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 35094, situated in Leeds, Alabama, encompasses an area of 58.58 square miles with a population of 16,641 as of 2022. This zip code contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, providing 30 units, of which 3 are designated as low-income units. The LIHTC-funded affordable housing constitutes approximately 0.47% of the total housing stock in this zip code, based on an estimated housing inventory of 6,376 units.
The LIHTC program has allocated $115,072 in tax credits for affordable housing in this zip code, averaging $3,836 per unit. This investment accounts for 0.06% of Alabama's total LIHTC funding allocation. The single LIHTC project in this area, Serene Grove Elderly Community Apartments, was completed in 1997, indicating a 25-year presence of this affordable housing option in the zip code.
Serene Grove Elderly Community Apartments comprises 24 one-bedroom units and 6 two-bedroom units, primarily serving smaller households. This project composition indicates a focus on accommodating elderly residents or small families within the community.
The zip code has experienced modest population growth over the past decade, increasing from 15,905 in 2014 to 16,641 in 2022. The median income has risen significantly, from $69,359 in 2014 to $77,125 in 2022, suggesting improving economic conditions for residents.
Racial demographics have remained relatively stable, with a slight decrease in the white population from 80% in 2014 to 81% in 2022, and a small increase in the Black population from 10% to 12% during the same period. The Hispanic population has grown from 1% to 4%, indicating increasing diversity in the area.
The absence of new LIHTC projects in the last decade, despite rising median income, may suggest that the existing affordable housing stock, possibly combined with other affordable housing programs not captured in this data, is currently meeting the community's needs. Alternatively, the rising income levels might indicate a reduced demand for additional low-income housing in this specific zip code.
Zip code 35094 has a single LIHTC-funded affordable housing project that has been serving the community since 1997. While this project provides a small percentage of the area's total housing stock, it offers targeted housing options, particularly for smaller households. The zip code has experienced moderate population growth and significant income increases over the past decade, which may influence the demand for affordable housing. The stable racial demographics with slight increases in diversity suggest a gradually changing community composition. These factors provide insight into the affordable housing landscape of this zip code, though a comprehensive understanding would require consideration of additional housing programs and local market conditions.