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Affordable Housing in Downtown Mount Vernon: LIHTC Impact on Urban Landscape
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Downtown Mount Vernon, New York, contains a notable proportion of affordable housing funded through the Low-Income Housing Tax Credit (LIHTC) program. The area encompasses 270 total units in LIHTC-funded projects, with 268 designated as low-income units. Based on the 2022 population of 22,805 and the national average household size of 2.61, an estimated 8,738 housing units exist in the neighborhood. LIHTC-funded affordable housing represents approximately 3.1% of the estimated housing inventory in Downtown Mount Vernon.
The LIHTC program has made substantial investments in Downtown Mount Vernon, with project tax credits totaling $2,923,842. This equates to an average federal funding of $10,829 per unit in LIHTC-funded projects. The affordable housing presence in this neighborhood spans nearly two decades. The earliest recorded LIHTC project, John F Kennedy Towers Senior Housing, was completed in 2004. The most recent project with a known completion date is O'Neil Apartments, finished in 2013. The 2010s saw the most activity in LIHTC-funded housing development, with projects like Monument Square Apartments completed in 2012.
The LIHTC-funded housing inventory in Downtown Mount Vernon primarily consists of one-bedroom units, with 226 such units available. The neighborhood also offers 1 efficiency unit, 37 two-bedroom units, 4 three-bedroom units, and 2 four-bedroom units. This distribution indicates a focus on housing for smaller households or individuals.
Downtown Mount Vernon has experienced demographic shifts over the past decade. The population has decreased slightly, from 24,078 in 2013 to 22,805 in 2022. Despite this decrease, the median income has increased from $56,484 in 2013 to $60,214 in 2022, suggesting a potential improvement in economic conditions for some residents.
Racial demographics have remained relatively stable, with a slight increase in diversity. The Black population has maintained a majority, constituting 51% of the population in 2022. The Hispanic population has remained steady at around 22-24% over the past decade. There has been a small increase in the Asian population, from 0% in 2013 to 2% in 2022, and a decrease in the White population from 25% to 17% during the same period.
The relative stability in racial demographics and the increase in median income may suggest that the existing LIHTC-funded housing has been meeting some of the neighborhood's affordable housing needs. However, the absence of new LIHTC projects since 2013 could indicate a need for reassessment of current affordable housing requirements in the area.
Downtown Mount Vernon's LIHTC-funded affordable housing inventory represents a small but significant portion of the neighborhood's estimated housing stock. The area has seen investment in affordable housing over nearly two decades, with a focus on smaller units suitable for individuals or small families. While demographic shifts have been moderate, the rising median income and stable racial composition suggest a changing economic landscape that may influence future affordable housing needs. The analysis highlights the importance of ongoing assessment and potential expansion of affordable housing options to meet the evolving needs of Downtown Mount Vernon's residents.
