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Troy, Alabama: Affordable Housing and LIHTC Program Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Troy, Alabama has a notable presence of affordable housing funded through the Low-Income Housing Tax Credit (LIHTC) program. The city's LIHTC-funded affordable housing inventory comprises 432 total units, with 389 designated as low-income units. This represents approximately 5.15% of the city's estimated housing stock of 8,392 units.
Troy has received $2,165,594 in project tax credits for affordable housing through the LIHTC program. With 9 projects, this translates to an average federal funding of $240,622 per project and $5,013 per unit. The city holds 1.22% of Alabama's total LIHTC funding, indicating a significant contribution to the state's affordable housing efforts.
The first LIHTC-funded project in Troy, Foxcroft Apartments, was completed in 1988, while the most recent, Pike Grove Apartments, was finished in 2014. This 26-year span demonstrates a long-standing commitment to affordable housing in the city. The 1990s saw the most activity in affordable housing development, with four projects completed during that decade.
The LIHTC-funded housing in Troy includes a mix of unit types, with 38 one-bedroom, 98 two-bedroom, and 59 three-bedroom units. This diverse range of unit sizes caters to various household compositions within the low-income population. One notable project, Autumn Ridge Apartments, completed in 2002, specifically targets individuals with mental illness, addressing a crucial need within the community.
Over the past decade, Troy's population has remained relatively stable, fluctuating between 21,000 and 23,000 residents. The median income has shown some variability, ranging from a low of $35,180 in 2016 to a high of $45,791 in 2021. The racial composition of the city has remained fairly consistent, with the White population comprising about 52-55% and the Black population around 38-41% of the total.
The most recent LIHTC project was completed in 2014, which coincides with a period of relative economic stability in the city. The lack of new LIHTC projects since then may be due to a combination of factors, including changes in funding priorities or a perception that the existing affordable housing stock was meeting the city's needs.
Troy's LIHTC-funded affordable housing inventory represents a significant investment in addressing the needs of low-income residents. With 432 total units, of which 389 are designated as low-income, these projects cover about 5.15% of the estimated housing stock. The city has benefited from over $2 million in tax credits, supporting a diverse range of housing options over nearly three decades. While new LIHTC projects have not been developed in recent years, the existing inventory continues to play a crucial role in Troy's housing landscape, including specialized housing for individuals with mental illness.
