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Beacon's LIHTC Affordable Housing: Evolving Inventory Amidst Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Beacon, a city in New York State, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory comprises 388 total units, with 319 designated as low-income units. Based on the estimated housing inventory of 5,511 units, LIHTC-funded affordable housing represents approximately 7% of the city's housing stock.
Beacon has received $2,524,361 in project tax credits for affordable housing through the LIHTC program. With approximately 5 projects, this translates to an average of $504,872 in federal funding per project. When considering the total units, the average federal funding amounts to $6,506 per unit. The city holds 0.12% of the total state LIHTC funding, indicating a relatively small but significant portion of New York's affordable housing allocations.
The LIHTC-funded affordable housing in Beacon spans nearly two decades, with the earliest project, Meadow Ridge Apartments, completed in 2003, and the most recent projects, West End Lofts Phase 1 and Highland Meadows Senior Residence, both completed in 2019. The 2010s saw the most activity in affordable housing development, with three out of five projects completed during this decade.
The LIHTC inventory in Beacon offers a diverse range of unit types. Out of the 388 total units, there are 22 efficiencies, 172 one-bedroom units, 115 two-bedroom units, 67 three-bedroom units, and 12 four-bedroom units. This distribution suggests a focus on accommodating various household sizes, with a particular emphasis on smaller households.
Over the past decade, Beacon's population has shown a slight decline, decreasing from 14,899 in 2019 to 14,383 in 2022. However, the median income has increased substantially, rising from $84,331 in 2019 to $91,881 in 2022. This income growth may indicate changing economic conditions in the city.
Racial demographics have remained relatively stable, with a slight increase in the white population from 59% in 2019 to 61% in 2022. The Black population decreased slightly from 16% to 14%, while the Hispanic population remained steady at around 19-20%. These demographic shifts, though subtle, may influence the ongoing need for affordable housing in the community.
Beacon's LIHTC-funded affordable housing inventory plays a significant role in addressing the city's housing needs, covering approximately 7% of the estimated housing stock. The city has seen consistent development of affordable housing over nearly two decades, with a concentration of projects in the 2010s. The diverse unit mix caters to various household sizes, reflecting an effort to meet different community needs. While the population has slightly decreased, rising median incomes and subtle shifts in racial demographics suggest a dynamic housing market that may continue to benefit from affordable housing initiatives.
