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Russellville, Alabama: Two Decades of LIHTC-Funded Affordable Housing Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Russellville, Alabama, maintains a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city's LIHTC program encompasses 158 total units, with 149 designated as low-income units. This inventory represents approximately 2.61% of the city's estimated 6,050 housing units.
Russellville has received $1,203,855 in project tax credits for affordable housing through the LIHTC program. The city has approximately six projects, resulting in an average federal funding of $200,642 per project and $7,619 per unit. Russellville's share of 0.68% of Alabama's total LIHTC funding indicates 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, Fox Ridge Apartments, completed in 1991, to the most recent, Creekstone Apartments, finished in 2013. The 1990s saw the highest activity, with four projects completed during this decade: Fox Ridge Apartments, Fox Ridge Apartments II, Willow Bend Apartments, and Redwood Apartments.
The LIHTC funded projects in Russellville include 26 one-bedroom units, 77 two-bedroom units, and 19 three-bedroom units. This distribution suggests a focus on accommodating diverse household sizes, with a particular emphasis on two-bedroom units.
Over the past decade, Russellville's population has remained relatively stable, with minor fluctuations. The median income has shown an overall increasing trend, rising from $39,127 in 2013 to $45,784 in 2022. This economic improvement may partially explain the absence of new LIHTC projects since 2013.
Racial demographics in Russellville have shifted slightly. The Hispanic population increased from 29% in 2013 to 33% in 2022, while the white population decreased from 62% to 57% during the same period. The Black population has remained relatively stable, increasing slightly from 7% to 8%.
Russellville's LIHTC funded affordable housing inventory, while modest in size, represents a significant investment in addressing low-income housing needs. The city's share of state LIHTC funding and the consistent development of projects from 1991 to 2013 demonstrate a sustained commitment to affordable housing. The unit mix favors two-bedroom apartments, potentially catering to small families or couples. While no new LIHTC projects have been developed since 2013, this could be related to the observed increase in median income. The changing racial demographics, particularly the growth in the Hispanic population, may influence future affordable housing needs and strategies in Russellville.
