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Affordable Housing in Arbor Hill: LIHTC's Impact on Albany Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Arbor Hill, a neighborhood in Albany, New York, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 767 total units, with 567 specifically designated as low-income units. Based on the estimated housing inventory of 1,708 units for the neighborhood, LIHTC funded affordable housing represents approximately 44.9% of Arbor Hill's housing stock, indicating a substantial contribution to affordable housing needs.
The LIHTC projects in Arbor Hill have received $3,759,406 in project tax credits, translating to an average federal funding of about $4,901 per unit across all LIHTC funded projects in the neighborhood. The first LIHTC project in Arbor Hill was completed in 2001, with the most recent project finished in 2020, demonstrating a nearly two-decade span of affordable housing development in the area.
The 2000s saw the most LIHTC project completions, with notable developments including Skyline Garden Apts, Dudley Park Apts, and Arbor Hill Redevelopment. The housing inventory includes a mix of unit types, with 237 one-bedroom, 345 two-bedroom, 118 three-bedroom, and 35 four-bedroom units, as well as 2 efficiencies. This diverse range of unit sizes suggests an effort to accommodate various household compositions within the affordable housing stock.
One notable project, the Ida Yarbrough Homes Redevelopment completed in 2017, specifically targets individuals dealing with substance abuse. This specialized focus highlights an effort to address specific community needs through affordable housing initiatives.
Over the past decade, Arbor Hill's population has fluctuated, decreasing from 4,996 in 2013 to 4,458 in 2022. Despite this overall decline, there was a notable increase to 4,804 residents in 2020. The median income has shown an upward trend, rising from $22,846 in 2013 to $33,072 in 2022, suggesting some economic improvement in the neighborhood.
Regarding racial demographics, the Black population has remained the majority, consistently representing over 70% of residents throughout the decade. There has been a slight increase in the White population, from 11% in 2013 to 17% in 2022, while other racial groups have maintained relatively stable proportions.
The completion of LIHTC projects in recent years, such as the Ida Yarbrough Homes Redevelopment in 2017 and 2018, and the Clinton Avenue Historic project in 2020, aligns with the period of population growth and income improvement. This suggests a continued need for affordable housing despite some positive economic indicators.
Arbor Hill's LIHTC funded affordable housing inventory plays a significant role in the neighborhood's housing landscape, covering nearly half of the estimated housing stock. The neighborhood has seen consistent investment in affordable housing over two decades, with a diverse range of unit types to meet various household needs. Recent projects, including those targeting specific populations, demonstrate ongoing efforts to address affordable housing needs. While the neighborhood has experienced some population fluctuation and income growth, the continued development of LIHTC projects suggests a persistent demand for affordable housing options in Arbor Hill.
