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Canton's Affordable Housing: A Single LIHTC Project's Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Canton, Pennsylvania, has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project in its housing inventory. This project provides 34 affordable units, all designated as low-income units. Based on the estimated housing inventory of 686 units for the city's 2022 population of 1,791, the LIHTC-funded affordable housing comprises approximately 5% of the city's housing stock.
The LIHTC program has allocated $63,931 in tax credits to Canton for affordable housing development. This equates to an average federal funding of $63,931 per project and $1,880 per unit. Canton's LIHTC allocation represents 0.01% of Pennsylvania's total state funding for the program.
The sole LIHTC-funded project in Canton, Cedar Ridge, was completed in 1992. This indicates that affordable housing has been present in the city for approximately three decades. Cedar Ridge consists of 34 one-bedroom units, suggesting a focus on accommodating smaller households or individuals.
Over the past decade, Canton's population has fluctuated, showing a general decline from 2,065 in 2014 to 1,791 in 2022. The median income has experienced some variability, rising from $33,862 in 2014 to $39,738 in 2022. The racial composition of the city has remained predominantly white, consistently above 97% throughout the observed period.
Despite the absence of new LIHTC projects in the last decade, the demographic data suggests a potential need for affordable housing. The slight decline in population and moderate increase in median income could indicate changing economic conditions that might affect housing affordability for some residents.
Canton's LIHTC-funded affordable housing inventory consists of a single project, Cedar Ridge, providing 34 one-bedroom units. This represents about 5% of the estimated housing stock, contributing to the city's affordable housing needs. While no new LIHTC projects have been developed in recent years, the demographic trends indicate a potential ongoing need for affordable housing options. The city's allocation of LIHTC funding, though modest, plays a role in Pennsylvania's overall affordable housing efforts.
