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Affordable Housing in Red Hook: LIHTC Funding Impact and Demographic Trends
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Red Hook, located in New York state, has a LIHTC-funded affordable housing inventory consisting of 97 units, all designated as low-income. This inventory represents approximately 13.9% of the city's estimated 696 total housing units, approaching the 15-20% target range for a well-balanced affordable housing stock.
The village has received $1,190,280 in project tax credits from the LIHTC program, distributed across approximately two projects. This results in an average federal funding of $595,140 per project and $12,271 per unit. Red Hook's share of the total state LIHTC funding is 0.06%, indicating a small but significant portion of New York's affordable housing initiatives.
The first LIHTC project in Red Hook, Red Hook Commons I, was completed in 2007, followed by Red Hook Commons II in 2008. This demonstrates that LIHTC-funded affordable housing has been present in the city for over a decade. The 2000s saw the most affordable housing activity, with both projects completed during this period. All 97 units in the LIHTC-funded projects are one-bedroom units, suggesting a focus on smaller household sizes or individual residents.
Red Hook's population has shown a general upward trend, increasing from 1,705 in 2015 to 1,816 in 2022. Concurrently, the median income has risen from $54,108 in 2015 to $71,052 in 2022. The racial composition of the city has remained relatively stable, with a predominantly white population (approximately 89% in 2022). However, there has been a slight increase in diversity, with small increases in the Asian, Black, and multiracial populations.
These demographic trends, particularly the rising median income, may indicate a continuing need for affordable housing options in the community to maintain economic diversity. The concentration of one-bedroom units in the LIHTC-funded projects suggests a specific focus on smaller households or individuals in the city's affordable housing strategy.
In summary, Red Hook's LIHTC-funded affordable housing inventory comprises 97 one-bedroom units across two projects, covering nearly 14% of the estimated housing stock. The city received over $1.1 million in tax credits, averaging about $12,271 per unit. While the affordable housing stock is approaching the target range, the rising median income and stable population suggest an ongoing need for affordable options.
