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Eutaw's LIHTC-Funded Affordable Housing: A Two-Decade Journey in a Small Alabama Town
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Eutaw, Alabama possesses a substantial Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The town has 169 total affordable units, all of which are designated as low-income units. Based on the estimated housing inventory of 1,280 units, LIHTC funded affordable housing comprises approximately 13.2% of the town's housing stock, indicating a significant contribution to affordable housing needs in Eutaw.
Eutaw has received $128,481 in project tax credits for affordable housing through the LIHTC program. With 4 approximate projects, this translates to an average of $32,120 in federal funding per project. The average federal funding per unit is $760, considering the total of 169 units in LIHTC funded projects. Eutaw holds 0.07% of Alabama's total state LIHTC funding, suggesting a modest but important allocation for this smaller town.
The first LIHTC project in Eutaw, Eutaw Manor Apartments, was completed in 1991, while the most recent project, Rosie L Carpenter Haven, was finished in 2008. This indicates a 17-year span of affordable housing development in the town. The 1990s saw the most activity, with two projects completed during that decade. The affordable housing inventory in Eutaw consists of a mix of unit sizes, including 12 one-bedroom, 88 two-bedroom, 25 three-bedroom, and 8 four-bedroom units. This diverse range of unit sizes can accommodate various household compositions within the low-income population.
Over the past decade, Eutaw's population has shown a declining trend, decreasing from 3,715 in 2013 to 3,342 in 2022. Despite this population decrease, the median income has fluctuated, rising from $25,056 in 2013 to $28,960 in 2022, with some variations in between. The racial composition of Eutaw has remained relatively stable, with a predominantly Black population. However, there has been a slight decrease in the Black population percentage from 77% in 2013 to 73% in 2022, while the White population has increased from 19% to 25% during the same period.
The lack of new LIHTC projects in the last decade may be related to the declining population and the existing affordable housing stock meeting current needs. However, the fluctuating median income suggests that affordable housing remains an important resource for the community.
Eutaw's LIHTC funded affordable housing inventory plays a significant role in meeting the town's housing needs, covering about 13.2% of the estimated housing stock. The town has received modest but important LIHTC funding, resulting in 169 low-income units across four projects. While no new LIHTC projects have been developed in the last decade, the existing inventory continues to serve the community amidst demographic changes, including a declining population and fluctuating median income. The diverse range of unit sizes in the LIHTC projects helps accommodate various household sizes within Eutaw's low-income population.
