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Affordable Housing Impact on Vale and Hamilton Hill: A 14-Year LIHTC Development 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
The Vale and Hamilton Hill neighborhood in Schenectady, New York, exhibits a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 149 units in LIHTC-funded projects, with 113 designated as low-income units. Based on the 2022 population of 7,436 and the national average household size of 2.61, the estimated housing inventory in the neighborhood is approximately 2,849 units. LIHTC-funded affordable housing comprises about 5.2% of this estimated housing inventory.
The LIHTC projects in Vale and Hamilton Hill have received $1,749,329 in tax credits, averaging approximately $11,740 per unit in federal funding. The neighborhood has experienced LIHTC-funded affordable housing development from 2004 to 2018, indicating a 14-year period of affordable housing presence. The earliest LIHTC project, Vale Housing Revitalization, was completed in 2004, while the most recent, Hillside View Apts, was finished in 2018.
The affordable housing inventory in Vale and Hamilton Hill consists of 2 efficiencies, 72 one-bedroom units, 41 two-bedroom units, and 25 three-bedroom units. This distribution suggests a focus on accommodating smaller households and families. The 2010s saw the most activity in affordable housing development, with two projects completed during this decade: Depaul Schenectady - Josephe L Allen in 2017 and Hillside View Apts in 2018.
Over the last decade, the neighborhood has experienced population fluctuations, with a general upward trend from 6,011 in 2010 to 7,436 in 2022. The median income has also shown an overall increase, rising from $26,148 in 2013 to $32,102 in 2022. This growth in population and income coincides with the completion of two LIHTC projects in 2017 and 2018, potentially reflecting an increased demand for affordable housing options.
Regarding racial demographics, the neighborhood has seen shifts. The Black population percentage decreased from 41% in 2013 to 31% in 2022, while the Hispanic population increased from 20% to 21% during the same period. The White population remained relatively stable, moving from 23% to 20%. The Asian population increased from 3% to 8%. These changes in racial composition occurred alongside the development of new affordable housing projects, potentially contributing to a more diverse neighborhood.
Vale and Hamilton Hill's LIHTC-funded affordable housing inventory represents a small but significant portion of the neighborhood's estimated housing stock. The area has seen consistent development of affordable housing over a 14-year period, with the most recent projects completed in the late 2010s. The distribution of unit types suggests a focus on accommodating various household sizes. The neighborhood has experienced population growth and increasing median income over the past decade, coinciding with new affordable housing developments. These trends, along with shifts in racial demographics, indicate a changing neighborhood landscape where LIHTC projects play a role in shaping the community's housing options.
