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Albany's LIHTC Program: Sustaining Affordable Housing Amidst Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Albany, New York's capital city, has a significant role in Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The LIHTC program in Albany has contributed 2,129 total units, with 1,843 designated as low-income units. Based on Albany's 2022 population of 100,832 and an estimated 38,633 housing units, LIHTC funded affordable housing comprises approximately 5.5% of the city's estimated housing inventory.
Albany has received $12,239,040 in project tax credits through the LIHTC program. With approximately 31 projects, this translates to an average of $394,808 in federal funding per project, or $5,749 per unit. The city holds 0.58% of New York State's total LIHTC funding.
The first LIHTC project in Albany, Barn Raisers Family Housing, was completed in 1991. The most recent project, Clinton Avenue Historic, was finished in 2020, indicating nearly three decades of LIHTC presence in the city. The 2000s saw the most affordable housing activity, with notable projects including Corning Homes Hope Vi (2002), South Mall Towers (2003), and Capitol Green (2007).
Albany's LIHTC inventory comprises a diverse mix of unit types: 284 efficiencies, 890 one-bedroom, 599 two-bedroom, 250 three-bedroom, and 67 four-bedroom units. This distribution caters to various household sizes and needs. One notable project, Ida Yarbrough Homes Redevelopment, completed in 2017, targets individuals with substance abuse issues, addressing a specific community need.
Over the past decade, Albany's population has remained relatively stable, with a slight increase from 97,856 in 2013 to 100,832 in 2022. The median income has shown growth, rising from $37,097 in 2013 to $51,386 in 2022, potentially indicating an improving economic situation for some residents. Racial demographics have remained fairly consistent, with the white population comprising about 51-52% of the total throughout the decade. The Black population has seen a slight decrease from 27% in 2013 to 26% in 2022, while the Hispanic population has increased slightly from 9% to 11% during the same period.
Despite these demographic shifts, LIHTC projects have continued to be developed in Albany, suggesting an ongoing need for affordable housing across various population segments. Albany's LIHTC program has made a significant contribution to the city's affordable housing stock, providing over 2,000 units over nearly three decades. The program's consistent implementation, diverse unit types, and targeted projects like Ida Yarbrough Homes Redevelopment demonstrate a commitment to addressing various housing needs. While demographic trends show some economic improvement, the continued development of LIHTC projects indicates an ongoing demand for affordable housing in the state capital.
