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Theodore, Alabama: Limited LIHTC Inventory in a Changing Community
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Theodore, Alabama, possesses a small LIHTC-funded affordable housing inventory. As of 2022, the city's population was 6,369. The LIHTC program has funded 4 affordable housing units in Theodore, all of which are low-income units. Based on the estimated housing inventory of 2,440 units, LIHTC-funded affordable housing comprises approximately 0.16% of the city's housing stock.
Theodore has received $45,816 in project tax credits through the LIHTC program for affordable housing. With one project, this equates to an average federal funding of $45,816 per project and $11,454 per unit. The city holds 0.03% of Alabama's total LIHTC funding, indicating a small share of the state's affordable housing resources.
The only LIHTC-funded project in Theodore is Greenbriar Townhomes, completed in 2008. This project constitutes the entirety of LIHTC-funded affordable housing in the city, suggesting a concentrated effort in that year. The Greenbriar Townhomes project consists of 4 two-bedroom units, providing family-sized accommodations for low-income residents.
Over the past decade, Theodore's population has shown a declining trend, decreasing from 8,157 in 2018 to 6,369 in 2022. The median income has fluctuated, reaching $44,933 in 2022, slightly lower than the $46,212 recorded in 2020.
Regarding racial demographics, the white population has remained relatively stable at approximately 61-62% from 2020 to 2022. The Black population has experienced a slight decrease from 31% in 2020 to 29% in 2022. There has been a small increase in the Asian population, growing from 3% in 2020 to 5% in 2022. The Hispanic population has remained relatively constant at 2-3% during this period.
Theodore's LIHTC-funded affordable housing inventory is limited to one project, Greenbriar Townhomes, completed in 2008. This project provides 4 two-bedroom units, representing a small fraction of the city's estimated housing stock. The city has received a modest amount of LIHTC funding, accounting for 0.03% of Alabama's total allocation. Despite the declining population trend, the median income has remained relatively stable in recent years. The racial composition of Theodore has shown slight shifts, with a small increase in the Asian population and a minor decrease in the Black population. These demographic trends may influence future affordable housing needs and development in the city.
