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The Impact of LIHTC on Affordable Housing in York, Alabama: A Demographic and Inventory Analysis
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
York, Alabama, maintains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory to address the needs of its low-income residents. The city has 41 affordable housing units, all categorized as low-income units. These units represent approximately 3.66% of York's estimated total housing inventory of 1,121 units.
York has received $80,525 in project tax credits from the LIHTC program for affordable housing. With approximately two projects, this translates to an average federal funding of $40,262.50 per project and $1,964.02 per unit. The city accounts for 0.05% of the total state funding for LIHTC projects.
The affordable housing projects in York span from 1994 to 2008. The first LIHTC project, Sumter County Apts, was completed in 1994, while the most recent project, Yorktown Village, was finished in 2008. The 2000s saw the highest number of affordable housing project completions in the city.
The affordable housing inventory in York consists of 1 two-bedroom unit, 36 three-bedroom units, and 4 four-bedroom units. This distribution indicates a focus on accommodating larger families or households.
York's population has shown a general downward trend over the last decade, decreasing from 3,547 in 2017 to 2,926 in 2022. Conversely, the median income has increased from $22,245 in 2017 to $36,893 in 2022. This rise in median income may influence the demand for affordable housing in the city.
The racial composition of York has remained relatively stable over the past decade. The city has maintained a predominantly Black population, with percentages ranging from 87% to 90%. The White population has remained around 10-11%. Recent years have seen a slight increase in diversity, with small percentages of Hispanic residents and those of two or more races.
In summary, York's LIHTC funded affordable housing inventory comprises 41 units, representing about 3.66% of the estimated housing stock. The city has received $80,525 in project tax credits, averaging $1,964.02 per unit. The affordable housing projects, developed between 1994 and 2008, predominantly feature larger units suitable for families. Despite a slight decrease in population in recent years, the median income has shown an upward trend. The city's racial composition has remained largely consistent, with a predominantly Black population.
