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Affordable Housing in McVeytown: LIHTC's Impact on a Small Pennsylvania Borough
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
McVeytown in Pennsylvania maintains a small LIHTC-funded affordable housing inventory consisting of 16 units, all designated as low-income. This inventory constitutes approximately 4.03% of the city's estimated 397 housing units. The LIHTC program has provided $30,430 in project tax credits for affordable housing in McVeytown.
The city has received an average federal funding of $15,215 per project, with two approximate projects. The average federal funding per unit is $1,901.88. McVeytown represents 0.01% of the total state funding for LIHTC projects in Pennsylvania. The earliest recorded LIHTC project, Mcveytown Apts, was completed in 1993.
The LIHTC-funded housing in McVeytown comprises 4 one-bedroom units and 12 two-bedroom units, accommodating various household sizes within the low-income population. This inventory has been a consistent feature of the community for nearly three decades.
Demographic trends in McVeytown over the past decade reveal fluctuations in population. The population increased from 1,016 in 2014 to 1,120 in 2019, before decreasing to 1,036 in 2022. The median income has shown an overall upward trend, rising from $45,972 in 2014 to $63,281 in 2022, indicating economic growth in the area.
The racial distribution in McVeytown has remained predominantly white, with over 94% of residents consistently identified as white throughout the last decade. Other racial groups have minimal representation in the community.
In conclusion, McVeytown's LIHTC-funded affordable housing inventory, while small, provides essential housing options for low-income residents. The long-term presence of these units since the early 1990s demonstrates a sustained commitment to affordable housing in the community. Despite comprising a relatively small percentage of the total housing stock, these units serve a crucial role in addressing the housing needs of the city's low-income population. The observed demographic trends, including population changes and increasing median income, may influence future affordable housing needs and development in McVeytown.
