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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Alexander City, Alabama, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city possesses 278 total units in LIHTC-funded projects, with 242 designated as low-income units. This inventory represents approximately 4.35% of the city's estimated 6,395 housing units.
Alexander City has received $1,732,020 in project tax credits through the LIHTC program. With 6 projects, this equates to an average of $288,670 in federal funding per project. The average federal funding per unit is approximately $6,230. Alexander City holds 0.97% of Alabama's total LIHTC funding allocation.
The city's LIHTC-funded affordable housing development spans from 1993 to 2013. The initial project, Heatherwood Apartments, was completed in 1993, while the most recent, Bradberry Pointe, was finished in 2013. The 1990s experienced the highest activity, with three projects completed: Heatherwood Apartments (1993), Robinwood Apartments (1995), and Cornerstone Apartments (1996).
The LIHTC-funded housing in Alexander City provides a variety of unit types, primarily focusing on family-sized accommodations. The inventory comprises 38 one-bedroom units, 150 two-bedroom units, and 54 three-bedroom units, addressing diverse household sizes.
Alexander City's population has slightly decreased from 17,077 in 2013 to 16,692 in 2022. Despite this decline, the median income has increased from $35,748 in 2013 to $42,119 in 2022, indicating improved economic conditions for some residents.
The racial composition of Alexander City has remained relatively stable with a slight increase in diversity. The white population decreased marginally from 60% in 2013 to 59% in 2022, while the Hispanic population grew from 1% to 5% during the same period. The black population experienced a slight decrease from 35% to 33%.
No new LIHTC projects have been developed in Alexander City since 2013. This may be attributed to the slight population decline and increasing median income, potentially reducing the immediate need for additional affordable housing units.
Alexander City's LIHTC-funded affordable housing inventory represents a small but significant portion of its housing stock. The city has utilized federal funding to create 278 affordable units across six projects over two decades. While the LIHTC program has not funded new projects in recent years, the existing inventory continues to serve the community's needs. The city's demographic shifts, including a slight population decline and increasing median income, may have influenced the recent lack of new LIHTC developments. However, the diverse unit mix in existing projects indicates an effort to accommodate various household sizes and needs within the affordable housing sector.