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Chester's LIHTC-Funded Affordable Housing: A Decade of Stability 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
Chester, located in New York state, has a population of 8,008 as of 2022. The village has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, providing a total of 36 affordable units, all of which are designated as low-income units. Based on the estimated housing inventory of 3,068 units, the LIHTC-funded affordable housing covers approximately 1.17% of the city's housing stock.
The LIHTC program has contributed $407,876 in tax credits to Chester for affordable housing development. With one project funded, this translates to an average federal funding of $407,876 per project and $11,330 per unit. Chester's LIHTC funding represents 0.02% of the total state funding allocated to New York.
The sole LIHTC-funded project in Chester is the Green Meadows 515 Preservation Project, completed in 2009. This project has been providing affordable housing in the community for over a decade. The Green Meadows project consists of 36 units, including 2 one-bedroom units, 8 two-bedroom units, and 8 three-bedroom units, offering a range of housing options for different family sizes.
Over the past decade, Chester has experienced some fluctuations in population, with a peak of 8,649 residents in 2017 and a recent decline to 8,008 in 2022. Despite these changes, the median income has shown a general upward trend, rising from $87,454 in 2013 to $101,957 in 2022. This increase in median income might suggest a reduced need for additional affordable housing projects in recent years.
Regarding racial demographics, the village has maintained a predominantly white population, though with some shifts in diversity. The percentage of white residents has remained relatively stable, ranging from 61% to 69% between 2013 and 2022. There has been a slight increase in the Asian population (from 2% to 7%) and a decrease in the Black population (from 12% to 5%) during this period. The Hispanic population has fluctuated between 14% and 22%, settling at 18% in 2022.
Chester's LIHTC-funded affordable housing inventory consists of one project providing 36 low-income units, which covers a small portion of the city's estimated housing stock. The Green Meadows 515 Preservation Project, completed in 2009, offers a mix of unit sizes to accommodate different household needs. While the village has experienced some demographic shifts over the past decade, including an increase in median income and slight changes in racial composition, the LIHTC project continues to play a role in providing affordable housing options for the community.
