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Affordable Housing in Montour Falls: LIHTC Impact on a Small New York Village
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Montour Falls in New York state has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 48 units, all of which are designated as low-income. This accounts for approximately 3.58% of the village's estimated housing stock, based on the 2022 population of 3,495 and an estimated 1,339 housing units.
The village has received $208,797 in project tax credits through the LIHTC program. With two projects, this equates to an average federal funding of $104,398.50 per project and $4,349.94 per unit. Montour Falls represents 0.01% of the total state LIHTC funding.
Affordable housing has been present in the village since 1999, with the completion of Romeo Village. The most recent project, Montour Family Apts, was completed in 2009, indicating a decade-long span of LIHTC development. The 2000s saw the most affordable housing activity in Montour Falls.
The affordable housing inventory in Montour Falls consists of 30 one-bedroom units, 12 two-bedroom units, and 6 three-bedroom units. This distribution suggests a focus on accommodating smaller households and families.
Over the past decade, Montour Falls has experienced population growth, increasing from 2,965 in 2013 to 3,495 in 2022. The median income has also shown an upward trend, rising from $40,032 in 2013 to $52,133 in 2022. This income growth may have influenced the need for affordable housing in the community.
The racial composition of Montour Falls has remained relatively stable, with the white population consistently comprising over 95% of residents. There has been a slight increase in racial diversity, with the percentage of residents identifying as two or more races growing from 1% in 2013 to 3% in 2022.
Montour Falls has a modest LIHTC funded affordable housing inventory, covering approximately 3.58% of the estimated housing stock. The village has received over $200,000 in project tax credits, supporting two projects over a decade. The affordable housing units are primarily composed of one-bedroom and two-bedroom apartments, catering to smaller households. The population and median income have increased over the past decade, while the racial composition has remained largely unchanged. These demographic trends provide context for understanding the affordable housing landscape in Montour Falls.
