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Affordable Housing in Towanda: A Focus on LIHTC-Funded Units
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Towanda in Pennsylvania possesses a limited Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 38 affordable housing units, all of which are classified as low-income units. Based on the estimated housing inventory of 1,077 units for the city's 2022 population of 2,811, the LIHTC-funded affordable housing comprises approximately 3.5% of the city's housing stock.
Towanda has received $953,824 in project tax credits through the LIHTC program. With approximately 2 projects, this equates to an average federal funding of $476,912 per project. The average federal funding per unit is $25,101. Towanda accounts for 0.16% of the total state LIHTC funding for Pennsylvania.
The LIHTC-funded affordable housing in Towanda consists of 38 one-bedroom units. This indicates a focus on housing for smaller households or individuals. The project "Towanda Terrace" was completed in 2015, suggesting that affordable housing has been present in the city for at least 8 years.
Over the past decade, Towanda has experienced a slight decline in population, from 2,901 in 2013 to 2,811 in 2022. The median income has fluctuated, with a notable decrease from $56,956 in 2017 to $42,134 in 2022. This downward trend in income may indicate an increased need for affordable housing options.
Regarding racial demographics, Towanda has remained predominantly white, with a slight decrease from 98% in 2017 to 94% in 2022. There has been a small increase in diversity, with the Black population rising from 0% to 3% and the Hispanic population from 0% to 2% during this period.
Towanda's LIHTC-funded affordable housing inventory consists of 38 one-bedroom units, covering approximately 3.5% of the estimated housing stock. The city has received nearly $1 million in tax credits for affordable housing development. While the population has slightly declined over the past decade, the decrease in median income suggests a potential growing need for affordable housing options. The racial composition of the city has remained largely stable, with a slight increase in diversity in recent years.
