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Madison's Affordable Housing: LIHTC Program Impact in a Growing Alabama City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Madison, Alabama, a city in the northern part of the state, has 412 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. This inventory represents 1.53% of the city's estimated 26,902 total housing units. The LIHTC program has provided $1,338,778 in project tax credits to Madison, averaging $267,756 per project and approximately $3,250 per unit. Madison's share of the state's total LIHTC funding is 0.75%.
The city's LIHTC projects span from 1989 to 2010, with the first project, Hunters Chase, completed in 1989 and the most recent, Eagle's Landing Development, finished in 2010. The 1990s saw the most affordable housing activity, with three projects completed during that decade: Arbors of Madison (1991), Arlington Park (1993), and Eagle Pointe Apts (2000).
The LIHTC funded housing in Madison primarily consists of two-bedroom and three-bedroom units, with 51 and 29 units respectively. There is also one one-bedroom unit, providing options for various household sizes.
Madison has experienced significant population growth over the past decade, increasing from 54,222 in 2013 to 70,215 in 2022, a growth rate of nearly 30%. The median income has remained relatively stable during this period, ranging from $93,254 to $107,056, with the most recent figure at $96,245 in 2022.
The racial composition of Madison has shown slight changes over the past decade. The white population has decreased from 72% to 67%, while small increases have been observed in Asian, Hispanic, and multiracial populations. The Black population has remained stable at around 16%.
Despite the population growth, no new LIHTC projects have been completed since 2010. This may be attributed to the city's relatively high median income, potentially reducing the perceived need for additional affordable housing units.
Madison's LIHTC funded affordable housing inventory represents a long-term commitment to providing affordable options for residents. The city has utilized federal funding to create 412 low-income units across five projects over two decades. While no new LIHTC projects have been completed in recent years, Madison's growing population and changing demographics may influence future affordable housing needs and initiatives.
