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Affordable Housing in Rankin: LIHTC Projects and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Rankin, Pennsylvania, is an urban community with a population of 1,837 as of 2022. The city has two Low-Income Housing Tax Credit (LIHTC) funded affordable housing projects, providing 109 units, of which 91 are low-income units. These LIHTC-funded units represent approximately 15.5% of the city's estimated housing stock of 704 units, aligning with the target percentage for affordable housing in a balanced community.
Rankin has received $865,687 in LIHTC funding for its affordable housing projects. This amounts to an average of $432,844 in federal funding per project and approximately $7,942 per unit. The city holds 0.14% of Pennsylvania's total LIHTC funding, indicating a small but significant contribution to the state's affordable housing efforts.
The first LIHTC project in Rankin, St Brendan's Apts, was completed in 1996, while the most recent project, Palisades Plaza, was finished in 2008. This 12-year span of affordable housing development saw the most activity in the 2000s, with Palisades Plaza being the largest project, contributing 89 units to the city's affordable housing inventory. The units are diverse, consisting of 24 one-bedroom, 49 two-bedroom, and 36 three-bedroom units, catering to various household sizes and needs within the low-income population.
Rankin has experienced demographic shifts over the past decade. The population decreased from 2,184 in 2015 to 1,837 in 2022, a decline of about 15.9%. Despite this population decrease, the median income increased significantly, rising from $16,643 in 2015 to $34,210 in 2022, more than doubling over this period.
The racial composition of Rankin has also changed. The Black population, which was the majority, decreased from 72% in 2015 to 65% in 2022. The White population increased from 23% to 25% during the same period. The city has also seen a slight increase in racial diversity, with the Hispanic population reaching 5% and those identifying as two or more races increasing to 5% by 2022.
These demographic changes, particularly the rising median income, may partially explain why no new LIHTC projects have been initiated in the last decade. However, the existing affordable housing stock continues to play a crucial role in supporting the community's low-income residents.
Rankin's LIHTC-funded affordable housing inventory contributes significantly to meeting the city's housing needs, accounting for about 15.5% of the estimated housing stock. The two LIHTC projects, developed over a 12-year period, provide a diverse range of units catering to different household sizes. While the city has experienced population decline, it has also seen a substantial increase in median income and slight changes in racial composition over the past decade. These demographic shifts may have influenced the lack of new LIHTC developments in recent years, but the existing affordable housing continues to serve an important role in the community.
