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Affordable Housing in Slippery Rock: LIHTC's Impact on a Small Pennsylvania Borough
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Slippery Rock in Pennsylvania hosts a Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. The LIHTC inventory comprises 50 total affordable units, with 5 designated as low-income units. Given an estimated housing inventory of 1,290 units, LIHTC funded affordable housing represents approximately 3.88% of the city's housing stock.
Slippery Rock has received $6,630,158 in project tax credits from the LIHTC program for affordable housing. With one project, this translates to an average federal funding of $6,630,158 per project. The average federal funding per unit amounts to $132,603. The city holds 1.11% of the total state LIHTC funding, indicating a small but significant portion of Pennsylvania's affordable housing investment.
The single LIHTC project in Slippery Rock, Madison Grove, was completed in 2010. The project provides a range of unit types, including 6 one-bedroom, 16 two-bedroom, 16 three-bedroom, and 12 four-bedroom units. This distribution accommodates various household sizes and needs within the affordable housing framework.
Over the past decade, Slippery Rock has experienced a population decline, from 3,678 in 2010 to 3,367 in 2022. The median income has increased from $39,519 in 2013 to $56,314 in 2022, indicating changing economic conditions in the area.
Regarding racial demographics, the city has maintained a predominantly white population, with percentages ranging from 86% to 93% over the past decade. There has been a slight increase in diversity, with small increases in the Black and Hispanic populations, rising to 5% and 3% respectively in 2022.
Slippery Rock's LIHTC-funded affordable housing represents a significant investment in addressing the housing needs of its low-income residents. The single project, Madison Grove, provides a diverse range of unit types to accommodate various household sizes. Despite a population decline, the rising median income and subtle shifts in racial demographics suggest evolving socioeconomic conditions in the city. The LIHTC program's contribution, while covering a small percentage of the overall housing stock, plays a crucial role in the city's affordable housing landscape.
