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Affordable Housing in Verona: LIHTC's Impact on a Pennsylvania Community
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Verona, located in Pennsylvania, has a distinct affordable housing landscape shaped by the Low-Income Housing Tax Credit (LIHTC) program. The city's LIHTC-funded affordable housing inventory comprises 62 total units, all designated as low-income units. Based on the estimated housing inventory of 1,007 units, LIHTC-funded affordable housing represents approximately 6.2% of the city's housing stock.
Verona has received $416,910 in project tax credits through the LIHTC program. With one approximate project, this translates to an average federal funding of $416,910 per project and $6,724 per unit. The city holds 0.07% of the total state LIHTC funding, indicating a relatively small share of Pennsylvania's affordable housing resources.
The sole LIHTC-funded project in Verona is the Arthur J Demore Towers, completed in 1999. This project has been providing affordable housing in the city for over two decades. The development consists of 61 one-bedroom units and 1 two-bedroom unit, catering primarily to individuals or small households.
Over the past decade, Verona's population has remained relatively stable, with minor fluctuations. The population in 2022 was 2,629, showing a slight decrease from 2,763 in 2019. Median income has also shown some variability, ranging from $44,287 in 2017 to $49,726 in 2019, with a slight decrease to $47,858 in 2022.
Racial demographics have seen some changes, with the white population decreasing from 91% in 2013 to 82% in 2022. Conversely, the Black population has increased from 6% to 12% during the same period. The Hispanic population and those identifying as two or more races have also seen slight increases, contributing to a more diverse community.
Verona's LIHTC-funded affordable housing, while modest in scale, plays a role in addressing the community's housing needs. The Arthur J Demore Towers, completed in 1999, provides 62 low-income units, primarily consisting of one-bedroom apartments. This project represents about 6.2% of the estimated housing stock in the city. While demographic shifts have occurred over the past decade, including changes in racial composition and fluctuations in median income, the LIHTC-funded housing has remained a constant resource for affordable housing in the community.
