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Affordable Housing in Onancock: LIHTC's Impact on a Small Virginia Town
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Onancock, a town in Virginia, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The town's LIHTC program has contributed 76 total units, with 40 designated as low-income units. Based on the estimated 547 housing units in Onancock, LIHTC-funded affordable housing comprises approximately 13.9% of the town's housing inventory, approaching the target percentage for a well-balanced affordable housing stock.
Onancock has received $394,427 in project tax credits from the LIHTC program. With three approximate projects, this averages to about $131,476 per project. The funding equates to roughly $5,190 per unit when considering all 76 units in LIHTC-funded projects. Onancock holds 0.09% of Virginia's total LIHTC funding, indicating a small but notable contribution to the state's affordable housing efforts.
The town's LIHTC-funded housing spans from 2002 to 2017, demonstrating a 15-year commitment to affordable housing development. The earliest project, Accomack Senior Village, was completed in 2002, while the most recent, Pine Street, was finished in 2017. The 2000s saw the most activity in affordable housing development in Onancock.
The LIHTC inventory in Onancock consists of 50 one-bedroom units and 26 two-bedroom units. This distribution suggests a focus on accommodating smaller households and potentially senior citizens.
Over the past decade, Onancock's population has fluctuated, with a general declining trend until 2020, followed by recent growth. The median income has shown volatility, ranging from about $30,000 to $53,000. The town has seen an increase in racial diversity, with the Black population growing from 21% to 41% between 2019 and 2022, while the White population decreased from 68% to 50% in the same period.
The completion of the Pine Street project in 2017 coincides with a period of population decline and income fluctuation, suggesting a response to changing economic conditions in the town.
Onancock's LIHTC-funded affordable housing inventory represents a significant portion of its estimated housing stock. The town has maintained a consistent commitment to affordable housing development over 15 years, with projects tailored to different needs. Recent demographic shifts, including population changes and increasing racial diversity, may influence future affordable housing needs in Onancock.
