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Affordable Housing in Espy: A Two-Decade LIHTC Journey
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Espy, Pennsylvania, presents a distinct affordable housing landscape. The Low-Income Housing Tax Credit (LIHTC) program has funded 53 low-income units, comprising approximately 8.8% of the estimated 601 housing units in the community. This significant proportion underscores the program's impact on local housing availability.
The LIHTC program has allocated $516,155 in project tax credits to Espy, supporting approximately three projects. This translates to an average federal funding of $172,052 per project and $9,739 per unit. Espy's share of Pennsylvania's total LIHTC funding stands at 0.09%, representing a modest but meaningful contribution to the state's affordable housing initiatives.
Affordable housing development in Espy spans over two decades. The initial LIHTC project, Scott Elderly, was completed in 2001. The most recent projects, Central Court Apts and Tenny Street Apts, were both finalized in 2007. The mid-2000s marked the peak period of affordable housing development activity in the city.
The LIHTC-funded housing inventory in Espy predominantly consists of one-bedroom units, totaling 46. Additionally, there are 5 two-bedroom units and 2 three-bedroom units, offering a range of options for various household sizes. The Scott Elderly project, comprising 24 one-bedroom units, indicates a focus on housing for older residents.
An analysis of demographic trends over the past decade reveals correlations with LIHTC projects. Despite no new LIHTC projects since 2007, the city's population has remained relatively stable, fluctuating between 1,600 and 1,800 residents. The median income has shown an upward trend, increasing from $55,299 in 2013 to $74,249 in 2022. This rise in median income may partially explain the absence of new LIHTC projects in recent years.
Racial demographics in Espy have experienced slight changes over the past decade. While the population remains predominantly white, there has been a minor increase in diversity. The percentage of white residents decreased from 100% in 2013 to 88% in 2022, with small increases in Asian, Black, and multi-racial populations.
In conclusion, Espy's LIHTC-funded affordable housing inventory plays a crucial role in the city's housing landscape, accounting for nearly 9% of the estimated housing stock. The city has utilized federal funding to create a mix of housing options, primarily focusing on one-bedroom units. Although no new LIHTC projects have been developed recently, the existing inventory continues to serve the community's needs. The rising median income and stable population suggest that the current affordable housing stock may be meeting the city's present requirements. Ongoing monitoring of demographic trends will be essential for future housing planning.
