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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Warwick, located in New York State, has a diverse Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The village has a total of 302 affordable housing units, with 290 designated as low-income units. Based on the estimated 3,308 housing units in the village, LIHTC funded affordable housing comprises approximately 9.13% of the village's housing inventory.
Warwick has received $1,383,793 in project tax credits through the LIHTC program. With approximately 4 projects, this translates to an average federal funding of $345,948 per project and $4,582 per unit. The village holds 0.07% of the total state funding for LIHTC projects in New York.
The LIHTC funded affordable housing in Warwick spans from 1996 to 2011, indicating a 15-year period of affordable housing development. The first project, Devon Woods Senior Citizens Affordable Housing, was completed in 1996. The most recent project with a known completion date is Liberty Green III, finished in 2011.
The 2000s saw the most affordable housing activity, with two projects completed during this decade: Liberty Green I in 2009 and Liberty Green III in 2011. Regarding unit types, the majority of LIHTC funded units in Warwick are one-bedroom apartments, with 300 such units. There are also 2 three-bedroom units, providing some options for larger families.
Over the past decade, Warwick's population has remained relatively stable, fluctuating between 8,400 and 9,200 residents. The median income has shown an overall upward trend, increasing from $87,356 in 2014 to $100,013 in 2022, with some fluctuations in between. The racial composition of Warwick has remained predominantly white, although there has been a slight decrease in the white population from 89% in 2013 to 86% in 2022. The Hispanic population has seen a modest increase from 5% to 10% during this period.
Despite the absence of new LIHTC projects in the last decade, the demographic data suggests a potential need for affordable housing. The rising median income could be making housing less affordable for lower-income residents, while the slight increase in diversity might indicate changing housing needs within the community.
Warwick's LIHTC funded affordable housing inventory covers about 9% of the estimated housing units, with a focus on one-bedroom apartments. The village has seen LIHTC project development spanning 15 years, with the most activity occurring in the 2000s. While there have not been new LIHTC projects in the last decade, demographic trends suggest a potential ongoing need for affordable housing options, particularly as the community experiences slight changes in its racial composition and rising median income.