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Overton's Affordable Housing Landscape: LIHTC's Impact on a Changing Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Overton, a neighborhood in Mobile, Alabama, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 120 total units, with 12 designated as low-income units. As of 2022, Overton had an estimated population of 4,625 residents.
Based on the estimated housing inventory of 1,772 units, LIHTC funded affordable housing represents approximately 6.8% of the neighborhood's housing stock. This percentage indicates that LIHTC projects contribute to the affordable housing needs in Overton, although it falls below the 15-20% of total housing stock typically recommended for a well-balanced community.
The LIHTC program has invested significantly in Overton's affordable housing, with project tax credits totaling $453,889. This equates to an average federal funding of $3,782 per unit in LIHTC-funded projects.
The neighborhood's LIHTC-funded affordable housing inventory includes a mix of unit types, with a predominance of two-bedroom units. The distribution consists of 16 one-bedroom units, 88 two-bedroom units, and 16 three-bedroom units. This allocation suggests a focus on accommodating small to medium-sized households.
Autumn Chase Apartments, completed in 2004, represents the sole LIHTC project in the neighborhood. This development has been providing affordable housing options in Overton for nearly two decades.
Over the past decade, Overton has experienced demographic shifts that may relate to its affordable housing landscape. The neighborhood's population has grown from 3,638 in 2015 to 4,625 in 2022, indicating an increasing demand for housing overall.
Median income in Overton has fluctuated, rising from $60,064 in 2015 to $64,385 in 2022. This modest increase suggests a continued need for affordable housing options in the area.
Racial demographics have also shifted, with the white population decreasing from 76% in 2015 to 57% in 2022, while the black population increased from 15% to 31% during the same period. This growing diversity may indicate changing housing needs and preferences in the neighborhood.
Overton's LIHTC-funded affordable housing inventory, while significant, covers a relatively small portion of the neighborhood's estimated housing stock. The single LIHTC project, Autumn Chase Apartments, has been a longstanding contributor to affordable housing in the area since 2004. Despite population growth and demographic changes over the past decade, no new LIHTC projects have been developed. The neighborhood's evolving demographics and modest income growth suggest an ongoing need for affordable housing options, which may require attention from policymakers and housing developers in the future.
