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Affordable Housing in Watertown: Three Decades of LIHTC Implementation
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Watertown, a city in New York state, possesses a substantial Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 1,024 affordable housing units, with 747 designated as low-income units. This LIHTC-funded housing represents approximately 10.8% of Watertown's estimated 9,525 total housing units.
Watertown has received $8,530,208 in project tax credits through the LIHTC program. With approximately 14 projects, the average federal funding per project is $609,301. The average federal funding per unit is $8,330. Watertown's share of the total state LIHTC funding is 0.4%, indicating its role in New York's affordable housing efforts.
The city's affordable housing development spans from 1991 to 2017. The Kelsey Creek Apartments were the first LIHTC project, while the Black River Apartments were the most recent. This 26-year period demonstrates Watertown's long-term commitment to affordable housing.
The 2010s experienced the most affordable housing activity in Watertown. Notable projects from this decade include the Franklin Building (2011), Creekwood Phase I (2013), Creekwood Phase II (2014), Woolworth Apartments (2015), and Maple Court (2015).
The LIHTC-funded housing in Watertown offers diverse unit types. Of the 1,024 total units, there are 46 efficiencies, 515 one-bedroom units, 300 two-bedroom units, 155 three-bedroom units, and 8 four-bedroom units. This distribution accommodates various household sizes and needs within the low-income population.
Watertown's population has decreased from 27,468 in 2013 to 24,859 in 2022. Despite this decline, the median income has increased from $45,447 in 2013 to $51,396 in 2022, suggesting an improved economic situation for some residents. The racial composition of Watertown has remained relatively stable, with a slight decrease in the white population from 82% in 2013 to 78% in 2022. There has been a minor increase in diversity, with slight growth in Asian, Black, and multi-racial populations.
Watertown's LIHTC-funded affordable housing inventory represents a significant portion of the city's housing stock. The city has consistently developed affordable housing projects over nearly three decades, with the most activity occurring in the 2010s. Despite a declining population, Watertown maintains a diverse range of affordable housing options, catering to various household sizes. The rising median income alongside the maintained affordable housing stock indicates ongoing efforts to address housing needs across different income levels in the city.
