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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Corry, located in Pennsylvania, has a presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory comprises 100 total units, with 60 designated as low-income units. Based on the estimated housing inventory of 2,379 units, the LIHTC-funded affordable housing represents approximately 4.2% of the city's housing stock.
Corry has received $655,721 in project tax credits through the LIHTC program. With two projects, this translates to an average of $327,860 in federal funding per project. The average federal funding per unit amounts to $6,557. Corry holds 0.11% of Pennsylvania's total LIHTC funding.
The city's affordable housing development spans over two decades, with the earliest project, Spring Street Apts, completed in 1990, and the most recent, Meyers Greene, in 2013. The 2010s saw the most recent development in affordable housing for Corry.
The LIHTC-funded projects in Corry offer a range of unit types. Out of the 100 total units, there are 13 one-bedroom units, 64 two-bedroom units, 15 three-bedroom units, and 8 four-bedroom units. This distribution indicates accommodation for various household sizes, with an emphasis on two-bedroom units.
Over the past decade, Corry has experienced a population decline, from 6,610 in 2010 to 6,209 in 2022. The median income has fluctuated, rising from $37,431 in 2013 to a peak of $48,206 in 2017, before declining to $43,334 in 2022.
The racial composition of Corry has remained predominantly white, decreasing from 94% in 2013 to 89% in 2022. During this period, there has been a small increase in diversity, with slight growth in Hispanic and Black populations.
The completion of the Meyers Greene project in 2013 coincided with a period of relative economic stability in the city, as evidenced by the rising median income in the following years. This suggests that the LIHTC program responded to the need for affordable housing during a time of economic change in Corry.
Corry's LIHTC-funded affordable housing inventory provides housing options for low-income residents. The two projects, completed over two decades apart, demonstrate a long-term commitment to affordable housing in the city. The diverse unit mix caters to various household sizes, with a focus on two-bedroom units. Despite a declining population, the city has maintained its affordable housing stock, which may help in retaining residents and supporting economic stability. The LIHTC program's role in Corry illustrates its importance in addressing affordable housing needs in smaller urban areas.