Loading Content...
Affordable Housing in Mount Pocono: LIHTC Impact on Small Pennsylvania Borough
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Mount Pocono, located in Pennsylvania, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory consisting of 120 total units, with 84 of these designated as low-income units. Based on the estimated housing inventory of 1,187 units for the city's 2022 population, the LIHTC funded affordable housing covers approximately 10.1% of the city's housing stock.
Mount Pocono has received $4,144,905 in project tax credits from the LIHTC program for affordable housing. With three approximate projects, this translates to an average federal funding of $1,381,635 per project and $34,541 per unit. The city holds 0.69% of the total state LIHTC funding, indicating a relatively small portion of Pennsylvania's overall affordable housing investment.
The LIHTC funded affordable housing in Mount Pocono spans from 2003 to 2011, representing nearly a decade of affordable housing development. The first project built was Belmont Knoll in 2003, while the most recent project was Limekiln Manor in 2011. The 2000s saw the most affordable housing projects completed in the city.
The affordable housing inventory in Mount Pocono consists primarily of one-bedroom units, with 104 one-bedroom apartments and 16 two-bedroom units. This distribution suggests a focus on accommodating smaller households or individuals.
Over the past decade, Mount Pocono has experienced a slight decline in population, from 3,172 in 2010 to 3,098 in 2022. The median income has shown an overall increasing trend, rising from $57,341 in 2013 to $69,018 in 2022. This income growth might indicate a reduced need for additional affordable housing in recent years.
The racial demographics of the city have shifted significantly. The white population decreased from 62% in 2013 to 40% in 2022, while the Hispanic population increased from 21% to 33% during the same period. The Black population also saw an increase from 4% to 16%. These demographic changes could potentially influence future affordable housing needs and strategies.
Mount Pocono's LIHTC funded affordable housing inventory covers about 10.1% of the estimated housing stock, with 120 total units and 84 low-income units. The city received over $4 million in tax credits, representing a small portion of Pennsylvania's total LIHTC funding. The affordable housing projects were primarily developed between 2003 and 2011, with a focus on one-bedroom units. While the population has slightly declined, median income has increased, and the racial composition has become more diverse over the past decade. These demographic shifts may impact future affordable housing needs in the city.
