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Affordable Housing in Randolph: 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
Randolph, a small community in New York state, maintains a modest affordable housing inventory supported by the Low-Income Housing Tax Credit (LIHTC) program. The city has 24 LIHTC-funded affordable housing units, all designated as low-income units. These units represent approximately 3.4% of the city's estimated housing stock of 699 units.
The LIHTC program has allocated $149,349 in tax credits to Randolph for affordable housing projects. With two approximate projects, this translates to an average federal funding of $74,674.50 per project and $6,222.88 per unit. Randolph's share of the total state LIHTC funding is about 0.01%, indicating a relatively small portion of New York's affordable housing resources.
The affordable housing inventory in Randolph primarily consists of one-bedroom units, with 23 such units available and one two-bedroom unit. This distribution suggests a focus on housing for smaller households or individuals.
Two notable LIHTC-funded projects in Randolph are the Randolph Area Community Apartments, completed in 2007, and the Randolph Terrace Apartments. The completion of the Randolph Area Community Apartments in 2007 indicates at least 15 years of affordable housing presence in the city. The 2000s appear to be the decade with the most affordable housing development activity in Randolph.
Demographic trends over the past decade show that Randolph has experienced a gradual decline in population, from 2,170 residents in 2018 to 1,825 in 2022. Despite this population decrease, the median income has shown an upward trend, rising from $44,674 in 2018 to $57,095 in 2022. This increase in median income may suggest changing economic conditions in the area.
The racial composition of Randolph has remained relatively stable, with a predominantly white population. However, there has been a slight increase in diversity, with small increases in the percentages of Black residents and those identifying as two or more races between 2018 and 2022.
In summary, Randolph's LIHTC-funded affordable housing inventory, while modest in scale, provides important housing options for low-income residents. The focus on one-bedroom units suggests a tailored approach to local housing needs. While the city has experienced population decline, rising median incomes and slight increases in racial diversity indicate evolving demographic and economic conditions that may influence future affordable housing needs and development in the area.
