Loading Content...
Montgomery's LIHTC-Funded Affordable Housing: A Three-Decade Commitment
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Montgomery, the capital city of Alabama, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 2,855 total units, with 2,534 designated as low-income units. This inventory represents approximately 3.8% of the city's estimated 75,474 housing units. The city has received $13,204,469 in project tax credits for affordable housing through the LIHTC program, distributed across approximately 45 projects. This translates to an average of $293,433 in federal funding per project, or $4,625 per unit. Montgomery holds 7.41% of Alabama's total LIHTC funding.
The LIHTC program in Montgomery spans from 1987 to 2019, demonstrating a 32-year commitment to affordable housing development. The 1990s saw the highest number of affordable housing projects completed. The LIHTC-funded housing inventory includes a diverse range of unit types: 73 efficiencies, 549 one-bedroom, 1,143 two-bedroom, 434 three-bedroom, and 63 four-bedroom units. This distribution caters to various household sizes and needs within the low-income population.
Several projects target specific populations, such as those with mental illness. Chase Park Apts, Virginia Pines Apts Phase II, and Westport Apts III are examples of developments that focus on providing housing for individuals with mental health needs.
Montgomery's population has slightly declined over the past decade, from 205,285 in 2012 to 196,986 in 2022. Despite this decrease, the median income has risen from $41,836 in 2015 to $55,108 in 2022. The racial composition has remained relatively stable, with a slight increase in the Black population from 59% in 2015 to 65% in 2022, and a decrease in the White population from 33% to 26% during the same period.
Montgomery's LIHTC-funded affordable housing inventory represents a significant investment in addressing low-income housing needs. The diverse unit types and targeted projects for specific populations demonstrate an effort to meet varied housing needs. While the LIHTC-funded units cover a small percentage of the city's estimated housing stock, they play a crucial role in providing affordable options for low-income residents. The demographic trends, including a slight population decline and increasing median income, may influence future affordable housing needs and development strategies in Montgomery.
