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Affordable Housing in Benton: LIHTC's Impact on a Shrinking Pennsylvania 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
Benton, Pennsylvania, is a small community with an affordable housing inventory funded by the Low-Income Housing Tax Credit (LIHTC) program. The inventory consists of 11 total units, all designated as low-income units. These units represent approximately 5.7% of the estimated 192 housing units in the city.
The LIHTC program has provided $93,531 in tax credits for affordable housing in Benton. This funding supports one project, resulting in an average federal funding of $93,531 per project and $8,503 per unit. Benton's share of the total state funding for LIHTC projects in Pennsylvania is 0.02%, reflecting its small size and modest affordable housing inventory.
The single LIHTC-funded project in Benton, "Benton Elderly," was completed in 2003. This project has been providing affordable housing options for nearly two decades. All 11 units in the project are one-bedroom apartments, suggesting a focus on accommodating smaller households or individuals, particularly seniors.
Demographic trends over the past decade reveal significant changes in Benton. The population has declined from 1,087 residents in 2015 to 502 in 2022. Despite this decrease, the median income has fluctuated, rising from $30,833 in 2015 to a peak of $50,405 in 2019, before declining to $37,416 in 2022. The racial composition of the city has remained predominantly white, with a slight increase in diversity over the years.
The absence of new LIHTC projects in the last decade may be attributed to the declining population and fluctuating median income. These factors could have influenced the perceived need for additional affordable housing in the community.
In conclusion, Benton's LIHTC-funded affordable housing inventory provides important housing options for low-income residents, particularly seniors. The single project completed in 2003 represents a long-standing commitment to affordable housing in the community. However, the changing demographics, including population decline and income fluctuations, may have impacted the development of new affordable housing projects in recent years. Ongoing assessment of housing needs will be crucial to ensure adequate affordable options for residents as the community continues to evolve.
