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Fairhope's Affordable Housing: LIHTC Inventory and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Fairhope, Alabama has 141 units in Low-Income Housing Tax Credit (LIHTC) funded projects, with 105 designated as low-income units. This represents approximately 1.18% of the city's estimated 11,984 housing units. Fairhope has received $105,274 in project tax credits for LIHTC funded housing, averaging $35,091 per project or $746 per unit. The city holds 0.06% of Alabama's total LIHTC funding.
The first LIHTC project in Fairhope, Spring Run Apartments, was completed in 1994, and the most recent, Village At Meadowview, was finished in 2007. This 13-year span indicates a sustained commitment to affordable housing development. The 2000s saw the most activity, with two out of three projects completed during this decade.
The LIHTC funded housing inventory in Fairhope consists of 36 one-bedroom units, 80 two-bedroom units, and 25 three-bedroom units. This distribution suggests a focus on accommodating small to medium-sized families or households.
Fairhope's population has grown steadily, increasing from 26,015 in 2013 to 31,277 in 2022. The median income has also risen significantly, from $69,047 in 2013 to $81,874 in 2022. This economic growth may have influenced the lack of new LIHTC projects in recent years.
Racial demographics have remained relatively stable, with a slight increase in diversity. The white population decreased from 88% in 2013 to 85% in 2021, while the Black population increased from 6% to 8%, and the Hispanic population grew from 2% to 5% during the same period.
Fairhope's LIHTC funded affordable housing represents a small portion of its total housing stock. The city saw most of its affordable housing development in the 2000s, with no new projects in the last decade. This could be attributed to the city's rising median income and population growth. While the racial composition has slightly diversified, the economic landscape may have shifted the focus away from additional affordable housing development through the LIHTC program in recent years.
