New Albany's LIHTC Program: Addressing Affordable Housing Needs in a Growing Indiana City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
DATA SOURCE
New Albany, Indiana, a city founded in 1813, had a population of 45,878 and an estimated housing inventory of 17,578 units as of 2022. The city's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprises 404 total units, with 257 designated as low-income units. This affordable housing stock represents approximately 2.3% of the city's estimated total housing units.
New Albany has about 18 LIHTC-funded projects. The earliest LIHTC project in the city was completed in 1988, with the most recent project finished in 2007, indicating nearly two decades of affordable housing development through this program. The 1980s experienced the most significant affordable housing development activity in New Albany. Eight projects were completed in 1988 alone, with five more following in 1989.
The LIHTC-funded housing stock in New Albany offers a range of unit types. Out of the 404 total units, there is 1 efficiency unit, 45 one-bedroom units, 120 two-bedroom units, 71 three-bedroom units, and 5 four-bedroom units. This distribution indicates a focus on accommodating various household sizes, with an emphasis on two-bedroom units.
New Albany's population has shown a gradual increase over the past decade, growing from 44,066 in 2013 to 45,878 in 2022. During this period, the median income has also risen, from $45,578 in 2013 to $55,744 in 2022, indicating an overall improvement in economic conditions.
The racial composition of New Albany has remained relatively stable over the past decade. The white population has slightly decreased from 84% in 2013 to 82% in 2022, while the Black population has increased from 6% to 8%. The Hispanic population has grown from 4% to 5%, and the Asian population has remained steady at around 1%.
Despite demographic changes and the increase in median income, no new LIHTC projects have been recorded since 2007. This may suggest that other affordable housing initiatives are addressing the city's needs, or that the existing LIHTC inventory is currently sufficient to meet demand.
New Albany's LIHTC-funded affordable housing inventory provides housing options for low-income residents. The city experienced significant affordable housing development in the late 1980s and early 1990s, with a diverse range of unit types to accommodate different household sizes. While demographic trends show a growing population and increasing median income over the past decade, the absence of recent LIHTC projects suggests a need for further assessment of the city's current affordable housing needs and strategies.
