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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
West Hill, a neighborhood in Albany, New York, had a population of 8,605 in 2022. The area contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory, comprising 80 units, all designated as low-income. This represents approximately 2.43% of the neighborhood's estimated 3,297 housing units.
The LIHTC program has invested $1,358,017 in tax credits for affordable housing projects in West Hill, averaging $16,975 per unit. LIHTC-funded projects in the neighborhood span over two decades, from the first project completed in 1994 to the most recent in 2015.
The 2010s marked the most substantial development in affordable housing, with the completion of LV Apartments LP in 2015, adding 77 units to the inventory. The housing mix in West Hill's LIHTC-funded projects includes 7 efficiencies, 60 one-bedroom units, 12 two-bedroom units, and 1 four-bedroom unit, accommodating various household sizes.
West Hill experienced demographic shifts over the past decade. The population decreased from 9,759 in 2013 to 8,605 in 2022, an 11.8% decline. Despite this decrease, the median income rose from $23,480 in 2013 to $35,869 in 2022, a 52.8% increase.
The neighborhood's racial composition also changed. The Black population decreased from 63% in 2013 to 48% in 2022, while the Asian population increased from 3% to 7%. The White population increased slightly from 16% to 20%, and the Hispanic population decreased from 17% to 13%.
These demographic changes, particularly the increase in median income, may have influenced the need for additional LIHTC-funded affordable housing. The most recent LIHTC project in the neighborhood was completed in 2015, coinciding with the period of significant demographic shifts.
West Hill's LIHTC-funded affordable housing inventory represents 2.43% of the estimated housing stock. LIHTC investments in the neighborhood span over two decades, with the most significant development occurring in 2015. While the population has decreased over the past decade, median income has increased substantially. The racial composition has also shifted, with a decrease in the Black population and increases in Asian and White populations. These demographic changes may have influenced the development and need for affordable housing in the neighborhood.