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Affordable Housing in Tyrone: Three Decades of LIHTC Presence
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Tyrone, Pennsylvania, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 61 total units, with 43 designated as low-income units. This inventory represents approximately 2.92% of the city's estimated 2,087 housing units in 2022. Tyrone has received $295,557 in project tax credits from the LIHTC program, distributed across 3 projects, averaging $98,519 per project. The average federal funding per unit is $4,845, based on the total 61 units in LIHTC funded projects. Tyrone accounts for 0.05% of Pennsylvania's total LIHTC funding.
The first LIHTC project in Tyrone, Tyrone Elderly, was completed in 1989, while the most recent project, Tyrone Park Apartments, was finished in 1995. This indicates that affordable housing has been present in the city for over three decades. The 1990s saw the most affordable housing development, with two projects completed during this decade.
The LIHTC funded housing in Tyrone includes a mix of unit types. There are 8 one-bedroom units, 18 two-bedroom units, and 8 three-bedroom units. This range of unit sizes accommodates various household compositions within the low-income population.
Tyrone's population has fluctuated over the past decade, with a slight overall decline from 5,415 in 2015 to 5,447 in 2022. The median income has shown variability, decreasing from $43,454 in 2015 to $43,501 in 2022. The racial composition of the city has remained predominantly white, consistently above 96% throughout the decade.
The absence of new LIHTC projects in the past decade may be attributed to the relatively stable population and income levels, which may not have indicated a significant increase in demand for additional affordable housing units.
Tyrone's LIHTC funded affordable housing inventory comprises a small portion of its estimated housing stock. The city received nearly $300,000 in tax credits for three projects, completed between 1989 and 1995. These projects provide a range of unit sizes to accommodate different household needs. While the demographic trends over the past decade have been relatively stable, the existing LIHTC projects continue to provide affordable housing options for the community.
