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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Altoona, Pennsylvania, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 257 total units, with 234 designated as low-income units. Based on the 2022 population of 44,003 and an estimated 16,859 housing units, LIHTC funded affordable housing comprises approximately 1.52% of the city's estimated housing inventory.
Altoona has received $1,693,342 in project tax credits for affordable housing through the LIHTC program. With approximately 10 projects, this averages to about $169,334 per project or $6,589 per unit. The city holds 0.28% of the total state LIHTC funding.
The first LIHTC projects in Altoona were completed in 1989, including Town Hall Apts, 1015 Lexington Ave, 109 S 16th St, Penn Alto, and 2135 19th St. The most recent project, Cherry Grove Apts, was completed in 2018. This indicates a span of nearly 30 years of affordable housing development in the city. The 1980s saw the most affordable housing projects completed.
The LIHTC funded housing inventory in Altoona comprises 38 efficiencies, 119 one-bedroom units, 59 two-bedroom units, 30 three-bedroom units, and 11 four-bedroom units. This distribution suggests a focus on smaller household sizes in the affordable housing stock.
Over the past decade, Altoona's population has decreased from 46,066 in 2013 to 44,003 in 2022. The median income has increased from $37,031 in 2013 to $46,063 in 2022, indicating some economic growth. The racial composition has remained relatively stable, with a slight decrease in the white population from 93% in 2013 to 90% in 2022, and small increases in Hispanic and multiracial populations.
The most recent LIHTC project was completed in 2018, which aligns with the period of population decline and income growth. This suggests that while the overall population was decreasing, there was still a recognized need for affordable housing in the city.
Altoona's LIHTC funded affordable housing inventory represents a small but significant portion of the city's estimated housing stock. The city has consistently developed affordable housing projects over three decades, with a mix of unit sizes to accommodate various household needs. While the population has slightly declined in recent years, the continued development of LIHTC projects indicates an ongoing commitment to providing affordable housing options for low-income residents. The increase in median income, coupled with the stable racial composition, suggests that Altoona has been maintaining its affordable housing efforts while experiencing modest economic growth.