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Alexandria, Indiana: LIHTC Funding and Affordable Housing Trends
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Alexandria, Indiana, a small city with a population of 7,975 residents as of 2022, has a history rooted in manufacturing and glass production. The Low-Income Housing Tax Credit (LIHTC) program has contributed to the city's affordable housing options, funding 143 low-income units. This accounts for approximately 4.68% of the city's estimated 3,056 housing units, indicating a notable but limited impact on affordable housing availability.
Alexandria has received $671,596 in project tax credits through the LIHTC program, distributed across four projects. This translates to an average of $167,899 in federal funding per project and $4,697 per unit. The city's share of Indiana's total LIHTC funding stands at 0.16%, representing a small but significant portion of the state's affordable housing investments.
The LIHTC program has been active in Alexandria for over a decade, with the earliest recorded project, Timberlake Estates Senior Apartments, completed in 2005, and the most recent, The Mercantile, finished in 2017. This 12-year span demonstrates a consistent effort to develop affordable housing in the city. The 2000s saw the most activity, with three out of four projects completed during this period, including Alexandria Manor Apartments (2005) and Lincolnwood Estates (2009).
Alexandria's LIHTC-funded housing stock includes a variety of unit types: 1 efficiency unit, 47 one-bedroom units, 58 two-bedroom units, and 28 three-bedroom units. This distribution indicates an effort to accommodate diverse household sizes and needs within the affordable housing sector.
Demographic trends over the past decade show that Alexandria's population has remained relatively stable, with a slight decrease from 8,314 in 2010 to 7,975 in 2022. The median income has increased from $49,820 in 2013 to $61,191 in 2022, potentially indicating improved economic conditions for some residents. However, this increase in median income may also heighten the need for affordable housing options for those who have not benefited from this economic growth.
The racial composition of Alexandria has remained predominantly white over the past decade, with minimal changes in diversity. As of 2022, the city's population was 97% white, with small percentages of Black, Hispanic, and multiracial residents.
In conclusion, Alexandria's LIHTC-funded affordable housing inventory comprises a small but significant portion of the city's housing landscape. The program has provided 143 low-income units across four projects over a 12-year period. The city's stable population and increasing median income suggest a potential ongoing need for affordable housing options, particularly for those who may not have benefited from overall economic improvements. There may be opportunities for further expansion of affordable housing to meet the evolving needs of the community.
