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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Sharpsburg, located in Pennsylvania, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory comprises 139 total units, with 138 designated as low-income units. This represents approximately 11.4% of the city's estimated housing stock of 1,222 units.
Sharpsburg has received $919,303 in project tax credits through the LIHTC program. With two approximate projects, this translates to an average of $459,652 in federal funding per project. The average federal funding per unit is $6,614. Sharpsburg holds 0.15% of Pennsylvania's total LIHTC funding.
The city's affordable housing development spans from 2004 to 2019, with Sharps Terrace Revitalization being the first project and Sharpsburg Towers the most recent. This 15-year period demonstrates a sustained commitment to affordable housing in the borough.
The 2010s saw the most affordable housing activity, with the completion of Sharpsburg Towers in 2019. The LIHTC-funded housing stock in Sharpsburg primarily consists of one-bedroom units (111), followed by two-bedroom (15) and three-bedroom (13) units.
Sharpsburg has experienced a gradual population decline, from 3,444 in 2010 to 3,189 in 2022. Despite this decrease, the median income has shown an upward trend, rising from $59,190 in 2013 to $65,237 in 2022. This income growth may have influenced the development of the Sharpsburg Towers project in 2019, addressing the need for affordable housing in a potentially increasingly expensive market.
The racial composition of Sharpsburg has remained relatively stable, with a slight increase in diversity. The white population decreased from 86% in 2017 to 83% in 2022, while there were modest increases in Asian, Black, and multi-racial populations. This gradual diversification may have factored into the planning and implementation of the most recent LIHTC project.
Sharpsburg's LIHTC-funded affordable housing inventory plays a significant role in addressing the community's housing needs, covering 11.4% of the estimated housing stock. The city has maintained a consistent commitment to affordable housing development over a 15-year period, with the most recent project completed in 2019. While the population has slightly decreased, rising median incomes and subtle changes in racial composition may have influenced the ongoing need for affordable housing options. The predominance of one-bedroom units in the LIHTC inventory suggests a focus on smaller household sizes or individual residents.