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Lansingburgh's LIHTC Housing: A Two-Decade Presence in a Changing Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lansingburgh, a neighborhood in Troy, New York, has a small but established presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 36 total affordable units, all of which are designated as low-income units. Based on the 2022 population of 26,220 and using the national average household size, the estimated housing inventory for Lansingburgh is approximately 10,046 units. The LIHTC funded affordable housing represents about 0.36% of the estimated housing inventory in the neighborhood.
Lansingburgh's LIHTC funded affordable housing has been present for at least two decades. The only recorded project, Diamond Rock Terrace Phase II (Federal), was completed in 2002. This project accounts for all 36 LIHTC units in the neighborhood, consisting entirely of two-bedroom apartments. The 2000s marked the decade with the most affordable housing development in Lansingburgh, as evidenced by the completion of this project.
Over the past decade, Lansingburgh's population has remained relatively stable, with slight fluctuations. The population decreased from 25,950 in 2015 to 24,744 in 2020, before increasing to 26,220 in 2022. Median income has shown an upward trend, rising from $52,607 in 2015 to $62,304 in 2022, indicating improved economic conditions for residents.
Racial demographics have experienced subtle shifts. The white population decreased slightly from 82% in 2015 to 77% in 2022. Concurrently, there were modest increases in the Black population (from 7% to 9%), Hispanic population (from 4% to 6%), and those identifying as two or more races (from 3% to 7%). These changes suggest a gradual diversification of the neighborhood.
Despite these demographic shifts, there has not been a corresponding increase in LIHTC funded affordable housing projects in the last decade. This could be due to various factors, including the rising median income, which may have reduced the perceived need for additional low-income housing units.
Lansingburgh's LIHTC funded affordable housing inventory, while modest in size, has been a consistent presence in the neighborhood for over two decades. The 36 low-income units, all two-bedroom apartments, represent a small fraction of the estimated housing inventory. Despite demographic changes and income growth over the past decade, there has not been an expansion of LIHTC funded projects. This analysis provides a snapshot of Lansingburgh's affordable housing landscape, highlighting the need for ongoing assessment of housing needs in relation to demographic and economic trends.
