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Opelika's LIHTC-Funded Affordable Housing: A Two-Decade Journey
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Opelika, Alabama, has a total of 391 units in Low-Income Housing Tax Credit (LIHTC) funded projects, with 382 designated as low-income units. This represents approximately 2.4% of the city's estimated housing inventory of 16,245 units. The city, with a population of 42,400 in 2022, has received $2,881,945 in project tax credits for affordable housing through the LIHTC program.
Opelika's LIHTC funding comprises 1.62% of Alabama's total, indicating a significant contribution to the state's affordable housing efforts. The city's involvement with LIHTC funded housing spans over two decades, from the first project in 1995 to the most recent in 2017. The 2000s saw the most affordable housing activity, with four projects completed during this decade.
The distribution of units includes 21 one-bedroom, 158 two-bedroom, 58 three-bedroom, and 16 four-bedroom units, catering to various family sizes and needs. Two projects, completed in 2002, specifically target individuals with mental illness, addressing a crucial need in the community.
Over the past decade, Opelika has experienced steady population growth, increasing from 36,408 in 2013 to 42,400 in 2022, a 16.5% increase. This growth may have contributed to the need for additional affordable housing units. The median income has also seen an overall increase, rising from $49,885 in 2013 to $55,470 in 2022, potentially affecting affordability for some residents.
Racial demographics have remained relatively stable, with a slight increase in diversity. The white population decreased marginally from 55% in 2013 to 58% in 2022, while the Black population decreased from 37% to 32%. There has been a small increase in the Hispanic population, from 3% to 5%, and in the Asian population, from 1% to 3%.
Opelika's LIHTC funded affordable housing inventory represents a small but significant portion of the city's housing stock. The city has consistently invested in affordable housing over the past two decades, with projects tailored to various needs. While the affordable housing stock has grown, the city's population and median income have also increased, potentially creating ongoing demand for affordable options. The racial demographics have shown slight shifts towards increased diversity, which may influence future affordable housing needs and planning.
