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Ithaca's Affordable Housing: LIHTC Funding and Psychiatric Support
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Ithaca, a city in New York state known for its prestigious universities, has a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory consists of 171 total units, with 153 designated as low-income units. Based on the estimated housing inventory of 10,001 units, the LIHTC-funded affordable housing covers approximately 1.71% of the city's total housing stock.
Ithaca has received $3,851,872 in project tax credits for affordable housing through the LIHTC program. With approximately 6 projects, this averages to about $641,979 per project. When considering the total units, the average federal funding per unit is around $22,525. Ithaca holds 0.18% of the total state LIHTC funding, indicating its significance in New York's affordable housing landscape.
The city's LIHTC-funded housing spans from 2008 to 2016, demonstrating over a decade of affordable housing development. The earliest project, "Ithaca Special Needs SRO," was completed in 2008, while the most recent, "210 Hancock Street Redevelopment," was finished in 2016. The 2010s saw the most affordable housing activity, with notable projects like "Breckenridge Place" (2013) and "Stone Quarry Apartments Ithaca" (2015).
Ithaca's LIHTC inventory includes a diverse range of unit types: 38 efficiencies, 56 one-bedroom, 28 two-bedroom, and 40 three-bedroom units. This distribution caters to various household sizes and needs within the low-income population. Some projects target specific populations. For instance, "Stone Quarry Apartments Ithaca" focuses on persons with psychiatric disabilities, addressing the unique housing needs of this vulnerable group.
Over the past decade, Ithaca's population has grown from 24,427 in 2010 to 26,103 in 2022, a 6.86% increase. The median income fluctuated, reaching $39,273 in 2022. Racially, the city has maintained a relatively stable composition, with a slight decrease in the white population (from 64% to 62%) and small increases in Hispanic and multi-racial populations. The completion of LIHTC projects in the early to mid-2010s coincides with a period of population growth and income fluctuation, suggesting a response to changing housing needs during this time.
Ithaca's LIHTC-funded affordable housing inventory, while modest in comparison to the total housing stock, represents a significant investment in addressing low-income housing needs. The city's projects span various unit types and cater to specific populations, reflecting an effort to meet diverse housing requirements. The timing of these developments aligns with periods of population growth and income changes, indicating a responsive approach to evolving demographic trends. As Ithaca continues to grow and change, ongoing assessment of affordable housing needs will be crucial for maintaining a balanced and inclusive community.
