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Albertville's LIHTC-Funded Affordable Housing: A Demographic Analysis
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Albertville, Alabama, has incorporated Low-Income Housing Tax Credit (LIHTC) funded affordable housing into its urban landscape. The city's LIHTC inventory comprises 103 total units, with 76 designated as low-income units. Based on Albertville's estimated 2022 housing inventory of 12,039 units, LIHTC funded affordable housing represents approximately 0.86% of the city's housing stock.
Albertville has received $795,017 in project tax credits through the LIHTC program. With two projects, this equates to an average federal funding of $397,508.50 per project. The average federal funding per unit is $7,718.61. Albertville holds 0.45% of Alabama's total LIHTC funding allocation.
The city's LIHTC funded affordable housing history spans from 1998 to 2006. The first project, Cryar Homes, was completed in 1998, while the most recent project, Ashbrook, was finished in 2006. This indicates that affordable housing has been present in Albertville for at least 24 years. The 2000s experienced the most activity in LIHTC funded affordable housing development.
Albertville's LIHTC inventory includes a mix of unit types. There are 12 one-bedroom units, 54 two-bedroom units, and 37 three-bedroom units. This distribution indicates accommodation for various family sizes within the affordable housing stock.
Over the past decade, Albertville's population has shown slight fluctuations, with the 2022 population at 31,422. The median income has increased steadily, rising from $35,432 in 2015 to $51,599 in 2022. This upward trend in median income may partially explain the absence of new LIHTC projects in recent years.
Racial demographics have remained relatively stable, with a slight decrease in the white population from 73% in 2013 to 65% in 2022. The Hispanic population has grown from 23% to 29% during the same period. These demographic shifts may influence future affordable housing needs.
Albertville's LIHTC funded affordable housing inventory, while modest in size, represents a significant component of the city's housing landscape. The two projects completed between 1998 and 2006 have provided 103 units, with 76 designated for low-income residents. No new LIHTC projects have been developed in recent years. The rising median income and stable population suggest evolving housing needs. The city's share of 0.45% of Alabama's LIHTC funding indicates a proportional allocation relative to its size. As Albertville continues to grow and change, ongoing assessment of affordable housing needs will be crucial to ensure adequate housing options for all residents.
