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Woodville, Alabama: LIHTC-Funded Affordable Housing in a Small Town
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Woodville, Alabama, a small town with a population of 2,150 residents as of 2022, has a unique Low-Income Housing Tax Credit (LIHTC) funded affordable housing landscape. The LIHTC program has made a significant contribution to the affordable housing inventory in Woodville.
Woodville has one LIHTC-funded project, Woodville Village, which provides 16 low-income units. This project accounts for approximately 1.9% of the city's estimated housing stock of 824 units. The town received $28,689 in project tax credits for its LIHTC-funded affordable housing, averaging $1,793 per unit in federal funding.
Woodville Village, completed in 1991, marks the inception of LIHTC-funded affordable housing in the town. This project has been offering affordable housing options for over three decades, demonstrating a long-term commitment to addressing community housing needs. The affordable housing units in Woodville Village consist of 4 one-bedroom and 12 two-bedroom units, indicating a focus on accommodating small families and individuals.
Demographic trends over the last decade show that Woodville's population has remained relatively stable with slight fluctuations. The median income has shown a gradual increase, rising from $35,858 in 2015 to $39,027 in 2022. This modest growth in income levels may indicate a continued need for affordable housing options in the community.
Racially, Woodville has maintained a predominantly white population, with a slight increase in diversity over the years. The Hispanic population has grown from 1% in 2014 to 2% in 2022, while the Native American population has remained steady at around 1-2%. This gradual diversification might influence future affordable housing needs and considerations.
In conclusion, Woodville's LIHTC-funded affordable housing, while limited to one project, has been a consistent part of the town's housing landscape for over 30 years. The 16 low-income units provided by Woodville Village contribute to addressing affordable housing needs in this small Alabama town. As the community continues to evolve demographically and economically, ongoing assessment of affordable housing requirements will be crucial to ensure that the needs of low-income residents are adequately met.
