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Affordable Housing in Reynoldsville: LIHTC's Impact on a Small Pennsylvania Borough
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Reynoldsville in Pennsylvania has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project, Ridgewood Greene, provides 40 affordable units, including 4 low-income units. Based on the estimated housing inventory of 977 units for the city's 2022 population, LIHTC-funded affordable housing comprises approximately 4.1% of the city's housing stock.
Reynoldsville has received $522,561 in project tax credits for affordable housing through the LIHTC program. With one project in the city, this translates to an average federal funding of $522,561 per project. The average federal funding amounts to $13,064 per unit when considering the total number of units.
The LIHTC funding allocated to Reynoldsville represents 0.09% of the total state funding for Pennsylvania. Ridgewood Greene, completed in 2008, marks the beginning of LIHTC-funded affordable housing in the city. The project offers a diverse mix of unit types, including 8 one-bedroom units, 16 two-bedroom units, and 16 three-bedroom units, accommodating various household sizes.
Reynoldsville has experienced a gradual population decline, decreasing from 2,729 residents in 2015 to 2,551 in 2022. Despite this decrease, the median income has shown an overall upward trend, rising from $43,123 in 2015 to $48,247 in 2022, with some fluctuations in between.
The racial composition of Reynoldsville has remained relatively stable, with a predominantly white population. There has been a slight increase in diversity, with small increases in the percentages of Black, Asian, and multiracial residents over the past decade.
The LIHTC project was completed in 2008, before the period of available demographic data, making it difficult to draw direct correlations between the project and recent demographic trends. However, the stable racial composition and increasing median income suggest that the existing affordable housing may continue to play an important role in maintaining economic diversity within the community.
Reynoldsville's affordable housing landscape is characterized by a single LIHTC-funded project, Ridgewood Greene, providing 40 units of affordable housing. This project represents a small but significant portion of the city's estimated housing stock. The mix of unit sizes in the project suggests an effort to accommodate diverse household needs. While the city has experienced a slight population decline and an increase in median income over the past decade, the presence of this affordable housing option likely continues to support lower-income residents in the community.
