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Arcade, NY: Three Decades of Affordable Housing Through LIHTC
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Arcade, located in New York state, is a small community with a history of affordable housing development through the Low-Income Housing Tax Credit (LIHTC) program. The village has 72 affordable units, all designated as low-income units, contributing to the local housing landscape. These LIHTC-funded affordable housing units represent approximately 4.5% of the city's estimated housing stock of 1,598 units.
The LIHTC program has provided $380,682 in project tax credits to Arcade for affordable housing development. With four projects, this translates to an average federal funding of $95,170 per project and approximately $5,287 per unit. Arcade holds 0.02% of the total state funding for LIHTC projects in New York.
Affordable housing has been part of Arcade's landscape for nearly three decades. The first LIHTC project, Arcade Manor, was completed in 1993, while the most recent project, Northridge Homes Phase II, was finished in 2012. The 2000s saw the most affordable housing projects completed, with Arcade Country Estates (2001) and Northridge Homes (2005) being built during this period.
The LIHTC-funded housing in Arcade offers a range of unit types. There are 32 one-bedroom units, 16 two-bedroom units, 18 three-bedroom units, and 6 four-bedroom units. This distribution accommodates various household sizes, from individuals to larger families.
Demographic trends over the last decade show Arcade has experienced slight fluctuations in population, with a small overall increase from 4,090 in 2018 to 4,171 in 2022. The median income has shown a positive trend, rising from $46,799 in 2018 to $53,469 in 2022, indicating some economic improvement in the area.
Racial distribution in Arcade has remained relatively stable, with a predominantly white population. There has been a small increase in diversity, with the Asian population growing from 1% in 2018 to 3% in 2022, and the percentage of residents identifying as two or more races increasing from less than 1% to 3% in the same period.
Arcade has utilized the LIHTC program to develop a modest affordable housing inventory over the past three decades. While the current stock represents a small percentage of the estimated total housing units, it provides essential low-income housing options for the community. The diverse unit types cater to various household sizes, and the steady development of projects over time demonstrates an ongoing commitment to affordable housing. As the village continues to experience slight population growth and rising median incomes, maintaining and potentially expanding affordable housing options may be crucial for ensuring housing accessibility for all residents.
