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Affordable Housing in Akron: LIHTC's Impact on a Small New York Community
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Akron, located in New York state, has a population of 6,411 as of 2022. The city has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, providing a total of 112 units, with 104 of these designated as low-income units. Based on the estimated housing inventory of 2,456 units, the LIHTC funded affordable housing covers approximately 4.56% of the city's housing stock.
The LIHTC program has allocated $617,716 in tax credits to Akron for affordable housing development. This represents 0.03% of New York state's total LIHTC funding. With one project funded, the average federal funding per project is $617,716. The average federal funding per unit is $5,515.32.
The sole LIHTC funded project in Akron is "Cloisters At The Meadows," completed in 2015. This project has been providing affordable housing options for the community for about 8 years. The project consists of 99 one-bedroom units and 13 two-bedroom units, catering primarily to smaller households. Notably, "Cloisters At The Meadows" targets the frail elderly population. This focus suggests a need for accessible design features, on-site support services, and potentially medical care facilities to accommodate the specific needs of this vulnerable demographic.
Over the past decade, Akron has experienced some fluctuations in its population, with a slight overall decline from 6,452 in 2010 to 6,411 in 2022. The median income has shown a general upward trend, increasing from $61,788 in 2013 to $65,109 in 2022, indicating a gradual improvement in the economic conditions of the residents.
The racial composition of Akron has remained predominantly white, consistently accounting for 95-97% of the population throughout the past decade. There has been a slight increase in diversity, with small increases in the percentages of Black, Hispanic, and multiracial residents.
The completion of the LIHTC project in 2015 aligns with a period of relative population stability and increasing median income in the village. This suggests that the project was developed in response to a recognized need for affordable housing options, particularly for the frail elderly population, despite the overall economic improvements in the area.
Akron's LIHTC funded affordable housing inventory, while modest in scale, provides an important housing resource for the community, particularly for its elderly residents. The single project, "Cloisters At The Meadows," contributes 112 units to the village's housing stock, with a focus on one and two-bedroom apartments. While the LIHTC funded units represent a small percentage of the overall estimated housing inventory, they play a crucial role in addressing the needs of low-income and frail elderly residents in the community. The demographic trends over the past decade, including a stable population and increasing median income, provide context for the timing and scale of this affordable housing development in Akron.
