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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lackawanna, a city in New York state, has a history linked to the steel industry. The city's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprises 160 total units, with 153 designated as low-income units. This LIHTC-funded affordable housing represents approximately 2.1% of the city's estimated 7,572 housing units.
Lackawanna has received $2,394,735 in project tax credits through the LIHTC program. With five projects, this averages $478,947 per project. The funding equates to about $14,967 per unit when considering all 160 units in LIHTC-funded projects. Lackawanna holds 0.11% of New York state's total LIHTC funding.
The city's LIHTC-funded affordable housing spans from 1993 to 2018, indicating a 25-year presence of this program. The first project, Holland & Eaton, was completed in 1993, while the most recent, Ridge Road Independent Living (Ridgeway Commons), was finished in 2018. The 2010s saw the most activity, with two projects completed during this decade.
The housing mix in LIHTC-funded projects includes 89 one-bedroom units, 14 two-bedroom units, 33 three-bedroom units, and 6 four-bedroom units. This distribution suggests a focus on accommodating various household sizes, with a preference for smaller units.
Lackawanna's population has shown an interesting trend over the past decade. After a slight decline from 2010 to 2019, the city experienced significant growth from 2020 to 2022, with the population increasing from 18,772 to 19,762. This growth coincides with the completion of the Ridge Road Independent Living project in 2018, potentially addressing a need for affordable housing during this population expansion.
Median income in Lackawanna has fluctuated but generally trended upward, rising from $40,330 in 2013 to $45,722 in 2022. This increase in median income, coupled with population growth, might indicate changing housing needs in the city.
Racial demographics have shifted slightly over the past decade. The white population decreased from 79% in 2013 to 73% in 2022, while the Black population increased from 8% to 15% during the same period. The Hispanic population remained relatively stable, fluctuating between 7% and 9%.
Lackawanna's LIHTC-funded affordable housing represents a small but significant portion of the city's housing stock. The program has provided consistent support for affordable housing over 25 years, with recent projects potentially responding to population growth and changing demographics. The distribution of unit sizes suggests an effort to accommodate diverse household needs. The LIHTC program plays a crucial role in meeting the city's housing needs.