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Affordable Housing in Frankfort: LIHTC Projects and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
DATA SOURCE
United States Census Bureau: American Community Survey Data (ACS)
US Department of Housing and Urban Development (HUD): Low-Income Housing Tax Credit Properties (LIHTC)
Frankfort, located in New York state, has a modest LIHTC-funded affordable housing inventory. The village has a total of 54 affordable housing units, all of which are designated as low-income units. These units are spread across 3 LIHTC-funded projects. Based on the estimated housing inventory of 992 units, the LIHTC-funded affordable housing covers approximately 5.4% of the village's housing stock.
The LIHTC program has been contributing to Frankfort's affordable housing since at least 1994, with the completion of the Grandview Assoc project. The most recent project with a known completion date is Campus Apts, finished in 1997. This indicates that affordable housing has been present in the village for at least 28 years.
The 1990s saw the most LIHTC activity in Frankfort, with two projects completed during this decade. These projects are Grandview Assoc (1994) and Campus Apts (1997). Breaking down the unit types, the LIHTC-funded projects in Frankfort include 28 one-bedroom units and 8 two-bedroom units. The remaining 18 units are not specified by bedroom count in the available data.
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Over the past decade, Frankfort has experienced a slight decline in population, from 2,833 in 2013 to 2,588 in 2022. During this period, the median income has shown an overall increase, rising from $45,083 in 2013 to $53,364 in 2022, despite some fluctuations.
The racial composition of Frankfort has remained predominantly white, with a slight decrease from 92% in 2013 to 90% in 2022. There has been a small increase in diversity, with the Hispanic population growing from 0% to 3% and the percentage of residents identifying as two or more races increasing from 1% to 6% during this period.
The lack of new LIHTC projects in the past decade could be attributed to the relatively stable population and increasing median income, which may have reduced the perceived need for additional low-income housing.
Frankfort's LIHTC-funded affordable housing inventory consists of 54 units across 3 projects, covering about 5.4% of the estimated housing stock. The majority of these units are one-bedroom apartments. While the LIHTC program has contributed to affordable housing in the village since the 1990s, there have been no new projects in recent years. This could be related to the slight population decline and overall increase in median income observed over the past decade. The village has also experienced a small increase in racial diversity during this period.
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