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Affordable Housing in Williamson: LIHTC's Impact on a Small New York 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
Williamson, a small community in New York state, has a distinct affordable housing landscape. The city's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprises 113 units, all designated as low-income units. This represents a significant portion of the estimated housing stock in Williamson.
Based on the 2022 population of 4,041 and using the national average household size of 2.61, the estimated total housing units in Williamson is approximately 1,548. The 113 LIHTC-funded affordable housing units account for about 7.3% of the estimated housing inventory in the city. This percentage indicates that LIHTC-funded housing contributes substantially to the affordable housing needs of the community, although it may not fully meet the typical target of 15-20% affordable housing stock for a well-balanced city.
Williamson has received $265,213 in project tax credits through the LIHTC program. With one approximate project, this translates to an average federal funding of $265,213 per project. When divided by the total number of units, it results in an average federal funding of $2,346 per unit. The city holds 0.01% of the total state funding for LIHTC projects in New York.
The sole LIHTC project in Williamson, "Wih Preservation," was completed in 2015. This project marks the beginning of LIHTC-funded affordable housing in the city, indicating a relatively recent focus on affordable housing development through this program.
The affordable housing inventory in Williamson consists of a mix of unit types. The distribution includes 93 one-bedroom units, 16 two-bedroom units, and 4 three-bedroom units. This variety of unit sizes suggests an effort to accommodate different household compositions within the low-income population.
Analyzing demographic trends over the last decade, Williamson's population has remained relatively stable, fluctuating between about 3,900 and 4,200 residents. The median income has shown an overall upward trend, increasing from $50,998 in 2013 to $63,639 in 2022. This rise in median income might indicate a growing need for affordable housing options to support lower-income residents who may be facing increased housing costs.
Regarding racial demographics, Williamson has maintained a predominantly white population, consistently above 85% throughout the observed period. There have been slight fluctuations in the percentages of Black, Hispanic, and multiracial residents, but these have remained relatively small, generally under 5% each. The stable racial composition suggests that the affordable housing needs in the community may be relatively consistent across demographic groups.
In summary, Williamson's LIHTC-funded affordable housing inventory, while significant, may not fully meet the typical affordable housing targets for a balanced community. The single LIHTC project, completed in 2015, has provided a substantial number of low-income units, primarily consisting of one-bedroom apartments. The city's demographic trends, including a rising median income and stable population, underscore the ongoing importance of maintaining and potentially expanding affordable housing options to ensure housing accessibility for all income levels in the community.
