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Affordable Housing in Lemont: LIHTC's Impact on a Small Pennsylvania Community
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lemont, Pennsylvania, is a small community with a population of 2,977 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has contributed to the affordable housing landscape in this area. The LIHTC-funded affordable housing inventory in Lemont consists of 36 total units, all of which are designated as low-income units. These units represent approximately 3.16% of the city's estimated housing stock of 1,141 units.
Lemont received $988,125 in project tax credits from the LIHTC program for affordable housing development. This funding was allocated to one project, resulting in an average federal funding of $988,125 per project and $27,448 per unit. Lemont's share of the total state funding for LIHTC projects in Pennsylvania is 0.17%.
The LIHTC-funded affordable housing inventory in Lemont is composed of 17 two-bedroom units and 19 three-bedroom units. This distribution suggests a focus on accommodating families of various sizes, including households with children or multigenerational families. The sole LIHTC project in Lemont, Limerock Court, was completed in 2013, introducing 36 affordable units to the community.
Demographic trends in Lemont over the past decade reveal notable patterns. The population has experienced a general decline, decreasing from 3,614 in 2010 to 2,977 in 2022. Median income data shows variability, with a peak of $100,330 in 2016 and a subsequent decline to $74,529 in 2022. This fluctuation in income may indicate changing economic conditions and potential shifts in affordable housing needs.
Racial distribution data indicates that Lemont has remained predominantly white, although there has been a slight increase in diversity. The percentage of white residents decreased from 97% in 2013 to 90% in 2022, with small increases observed in Hispanic and multiracial populations. This gradual diversification may influence future affordable housing needs and strategies.
In conclusion, the LIHTC-funded affordable housing inventory in Lemont, while modest in size, provides an important resource for low-income residents. The single project, Limerock Court, has contributed 36 affordable units to the community since 2013. Despite population fluctuations and income variability, the presence of LIHTC-funded housing demonstrates a commitment to maintaining affordable options in the city. As Lemont continues to evolve demographically, ongoing assessment of affordable housing needs will be crucial to ensure adequate support for its diverse population.
