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Affordable Housing in Troy, Pennsylvania: A Single LIHTC Project's Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Troy, Pennsylvania, is a small community with a distinct affordable housing landscape characterized by a single Low-Income Housing Tax Credit (LIHTC) funded project. This project significantly contributes to the city's affordable housing inventory.
Troy has 33 LIHTC-funded affordable housing units, all of which are designated as low-income units. These units represent approximately 6% of the city's estimated housing stock of 548 units.
The city received $60,614 in project tax credits for its LIHTC-funded affordable housing. This amount translates to an average federal funding of $60,614 per project and approximately $1,836 per unit. Troy's share of Pennsylvania's total LIHTC funding is 0.01%, indicating a relatively small portion of the state's affordable housing resources.
The sole LIHTC project in Troy, Saw Creek Commons, was completed in 1994. This project has provided affordable housing options for nearly three decades, demonstrating a long-term commitment to addressing housing needs in the community.
All 33 units in the LIHTC-funded project are one-bedroom apartments, suggesting a focus on smaller household sizes or individual residents. This unit composition may cater to specific housing needs within the community, such as seniors or single-person households.
Troy has experienced a slight population decline over the past decade, from 1,534 in 2012 to 1,431 in 2022. The median income has generally increased from $38,332 in 2013 to $47,856 in 2022, potentially indicating changing economic conditions in the area.
Racial demographics have shifted slightly. The city remains predominantly white, but there has been a small increase in diversity. The Hispanic population has grown from 0% in 2013 to 11% in 2022. This demographic change could influence future affordable housing needs and strategies.
In conclusion, Troy's LIHTC-funded affordable housing, while limited to one project, provides a significant number of units relative to the city's size. The project's presence since 1994 indicates a sustained effort to address affordable housing needs. As the city's demographics evolve, ongoing assessment of housing needs will be crucial to ensure adequate affordable options for all residents.
