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Affordable Housing in South Lockport: LIHTC's Impact on a Declining Population
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
South Lockport, New York, has a population of 9,762 as of 2022. The city's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprises 188 total units, all designated as low-income units. Based on the estimated housing inventory of 3,740 units, LIHTC funded affordable housing represents approximately 5.03% of the city's housing stock.
South Lockport has received $663,421 in project tax credits through the LIHTC program. With two approximate projects, this translates to an average federal funding of $331,710 per project. The average federal funding per unit is $3,529. The city holds 0.03% of the total state LIHTC funding.
The first LIHTC project in South Lockport was completed in 2008 (Foxwood Place), and the most recent project was finished in 2010 (Nelson Hopkins Apts). This indicates that affordable housing has been present in the city for at least 14 years. The 2000s saw the most affordable housing development activity in the city.
The affordable housing inventory in South Lockport consists of 38 one-bedroom units, 68 two-bedroom units, and 64 three-bedroom units. There are no efficiencies or four-bedroom units reported in the LIHTC funded projects.
Over the past decade, South Lockport's population has shown a slight decline, from 10,134 in 2018 to 9,762 in 2022. The median income has fluctuated, with an increase from $57,811 in 2019 to $66,971 in 2021, before decreasing to $58,290 in 2022.
Regarding racial demographics, the city has maintained a predominantly white population, with a slight decrease from 85% in 2017 to 83% in 2021, before increasing to 86% in 2022. The Black population has decreased from 6% in 2018 to 3% in 2022, while the Hispanic population has remained relatively stable at around 3-5%. The proportion of residents identifying as two or more races has increased from 2% in 2018 to 5% in 2022.
South Lockport's LIHTC funded affordable housing inventory covers approximately 5.03% of the estimated housing stock. The city has received $663,421 in project tax credits, with an average of $331,710 per project and $3,529 per unit. The affordable housing inventory consists primarily of one-, two-, and three-bedroom units. The population has slightly declined over the past decade, median income has fluctuated, and racial demographics have shown minor shifts. These factors may influence the ongoing need for affordable housing in the community.
