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Affordable Housing Impact in Athens: LIHTC Project 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
Athens, Pennsylvania, a small community with historical roots in the 18th century, has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project, Chemung View Apartments, provides 93 low-income units to the community. The LIHTC-funded affordable housing represents approximately 7.4% of the city's estimated 1,253 housing units, indicating its significant role in addressing local housing needs.
The LIHTC program has allocated $253,151 in tax credits to Athens for affordable housing development. This allocation translates to an average federal funding of $253,151 per project and approximately $2,722 per unit. Athens's LIHTC allocation constitutes 0.04% of Pennsylvania's total LIHTC funding, representing a modest but important contribution to the state's affordable housing efforts.
Chemung View Apartments, completed in 2015, marks the introduction of LIHTC-funded affordable housing in Athens. The project consists of 93 units, all designated as low-income units. The housing mix includes one one-bedroom unit, with the distribution of other unit types not specified in the available data.
Demographic trends over the past decade show that Athens has experienced a slight population decline, from 3,362 in 2010 to 3,270 in 2022. The median income has shown some fluctuation, increasing from $42,524 in 2013 to $44,262 in 2022. This modest income growth may indicate an ongoing need for affordable housing options in the community.
The racial composition of Athens has remained relatively stable. The white population consistently represents the majority at around 94-96% over the past decade. There has been a small increase in diversity, with the Asian population growing from less than 1% to about 3% by 2022, and the introduction of a small Black population (1%) in recent years.
In conclusion, Athens's LIHTC-funded affordable housing project, Chemung View Apartments, plays a significant role in addressing the community's housing needs. While representing a modest portion of the state's overall LIHTC funding, this project provides essential low-income housing options for the local population. The demographic trends, including a slight population decline and modest income growth, underscore the continued importance of maintaining and potentially expanding affordable housing options in the community.
