Loading Content...
Moody, Alabama: LIHTC-Funded Affordable Housing in a Growing City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Moody, Alabama, possesses a distinct Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory that contributes to the city's housing landscape. The city has 176 affordable units, all of which are designated as low-income units. These LIHTC projects provide essential housing options for the community.
Based on the estimated housing inventory of 7,253 units, the LIHTC funded affordable housing comprises approximately 2.43% of the city's total housing stock. This percentage indicates that LIHTC projects play a role in addressing affordable housing needs in Moody.
Moody has received $574,402 in project tax credits through the LIHTC program. With 3 projects, this translates to an average federal funding of $191,467 per project. When considering the 176 total units in LIHTC funded projects, the average federal funding per unit is $3,264.
The city holds 0.32% of the total state LIHTC funding, indicating its relative position in Alabama's affordable housing landscape. The first LIHTC project in Moody, Ashley Manor II, was completed in 1993, while the most recent project, Woodcroft Apts, was finished in 1998. This suggests that affordable housing through LIHTC has been present in the city for at least 25 years.
The 1990s saw the most LIHTC project completions in Moody, with all three projects (Ashley Manor II, Barrington Parc Apts, and Woodcroft Apts) being built during this decade. The LIHTC inventory in Moody consists of 40 one-bedroom units, 88 two-bedroom units, and 48 three-bedroom units, providing a mix of housing options for various household sizes.
Over the past decade, Moody has experienced population growth, increasing from 15,889 in 2017 to 18,930 in 2022. The median income has also risen, from $64,630 in 2017 to $69,884 in 2022. The racial distribution has remained relatively stable, with a slight increase in the white population from 83% in 2017 to 86% in 2022, and a small decrease in the Black population from 12% to 8% during the same period.
While no new LIHTC projects have been built in the last decade, the rising median income and population growth might suggest changing housing needs in the community. However, it is important to note that other affordable housing initiatives may be addressing these evolving needs.
Moody's LIHTC funded affordable housing inventory, consisting of 176 units across three projects, provides an important contribution to the city's housing landscape. The projects, all completed in the 1990s, offer a mix of unit sizes to accommodate different household needs. While LIHTC projects cover a small percentage of the estimated housing stock, they represent a significant investment in affordable housing for the community. The city's demographic trends, including population growth and increasing median income, suggest evolving housing needs that may be addressed through various housing initiatives beyond LIHTC.
