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Affordable Housing in Rockwood: LIHTC 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
Rockwood, a small municipality in Pennsylvania, has a limited Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The borough contains 20 total units in LIHTC-funded projects, with 10 units designated as low-income. This affordable housing stock represents approximately 6.4% of the estimated 313 housing units in the city.
The LIHTC program has provided Rockwood with $81,537 in project tax credits. This funding is distributed across approximately two projects, averaging $40,768.50 per project. When calculated per unit, the federal funding amounts to an average of $4,076.85. Rockwood's LIHTC funding constitutes 0.01% of Pennsylvania's total state LIHTC allocation.
The development of LIHTC-funded affordable housing in Rockwood spans nearly three decades. The initial project, Rockwood Gardens, was completed in 1993, while the most recent development, Rockwood Senior Housing, was finalized in 2001. The 1990s marked the period of most significant affordable housing development activity in the borough.
The LIHTC-funded projects in Rockwood comprise 9 one-bedroom units and 11 two-bedroom units. This unit distribution suggests a focus on accommodating smaller households and potentially senior citizens.
Demographic trends in Rockwood over the past decade reveal minor fluctuations. The population peaked at 888 in 2013 and decreased to 816 in 2022. Median income showed slight variations, ranging from $36,982 in 2013 to $37,846 in 2022. The racial composition of the borough has remained predominantly white, consistently exceeding 97% throughout the decade.
The absence of new LIHTC projects in the last decade may be attributed to the relatively stable population and income levels, which may not have indicated a significant increase in demand for additional affordable housing.
In summary, Rockwood's LIHTC-funded affordable housing inventory, while modest, provides 20 units to the community, with half designated as low-income units. The borough has received over $80,000 in tax credits for these projects, which were developed in the 1990s and early 2000s. The housing stock focuses on one and two-bedroom units, potentially serving smaller households and seniors. Despite demographic fluctuations over the past decade, the lack of new LIHTC projects suggests that the existing affordable housing stock may be meeting current needs. However, ongoing assessment of affordable housing requirements would be prudent for future planning.
