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Affordable Housing in Perry: LIHTC Program's Impact on a Small New York 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
Perry, a small community in New York state, has a notable presence of affordable housing supported by the Low-Income Housing Tax Credit (LIHTC) program. The village's LIHTC-funded affordable housing inventory comprises 99 units, all of which are designated as low-income units. This accounts for approximately 4.2% of the village's estimated 2,361 housing units as of 2022.
Perry has received $1,196,463 in project tax credits through the LIHTC program. This funding is distributed across approximately two projects, resulting in an average federal funding of $598,231.50 per project. When calculated per unit, this equates to about $12,085 in federal funding. The village's share of the total state LIHTC funding is 0.06%, indicating a relatively small portion of New York's overall affordable housing investment.
The LIHTC-funded affordable housing in Perry spans nearly two decades. The first project, Silver Lake Meadows, was completed in 2003, while the most recent, Perry Knitting Mill Apartments, was finished in 2019. The 2010s marked the most recent period of affordable housing development activity in the village.
The LIHTC projects in Perry offer a mix of unit types, including 57 one-bedroom units and 42 two-bedroom units. This variety provides options for different household sizes within the low-income community. Notably, the Perry Knitting Mill Apartments, completed in 2019, is targeted towards individuals with Serious Mental Illness (SMI), addressing a specific need within the community.
Demographic analysis reveals that Perry has experienced population growth, increasing from 5,315 in 2019 to 6,163 in 2022. This growth suggests an increasing demand for housing. The median income in the village has fluctuated, rising from $57,750 in 2019 to $63,959 in 2021, before decreasing to $53,591 in 2022. The recent decrease in median income may potentially increase the need for affordable housing options.
Racial demographics in Perry have remained relatively stable. The white population decreased slightly from 88% in 2019 to 89% in 2022, while small increases were observed in the Hispanic (4% to 5%) and multi-racial (2% to 5%) populations. These minor changes may influence the diverse housing needs of the community.
In conclusion, Perry's LIHTC-funded affordable housing inventory, while modest in scale, provides important low-income housing options for the community. The two projects completed over a 16-year span demonstrate a sustained commitment to affordable housing development. The recent project targeting individuals with SMI shows an effort to address specific community needs. As the village's population grows and economic conditions fluctuate, continued monitoring of affordable housing needs will be crucial to ensure adequate housing options for all residents.
