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New Cassel's Affordable Housing: LIHTC Program Impact in a Diverse New York Community
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
New Cassel, a city in New York state, has implemented the Low-Income Housing Tax Credit (LIHTC) program to address affordable housing needs. The program has funded 123 total units, with 121 designated as low-income units. This represents approximately 2.15% of the city's estimated housing inventory of 5,715 units.
The LIHTC program has allocated $2,234,858 in project tax credits to New Cassel. This funding is distributed across approximately 4 projects, resulting in an average of $558,714 per project and $18,170 per unit. New Cassel's allocation accounts for 0.11% of the total LIHTC funding in New York state.
The city's involvement with LIHTC-funded affordable housing began in 2003 with the completion of Apex Senior Citizens Housing. The most recent project, Cathedral Place, was completed in 2013. The 2000s were the most active period for affordable housing development, with three out of four projects completed during this decade.
The LIHTC-funded housing inventory in New Cassel includes 9 efficiencies, 64 one-bedroom units, 37 two-bedroom units, and 3 three-bedroom units. This distribution suggests a focus on smaller households and potentially senior or single-person accommodations. One project, Apex II, completed in 2008, specifically targets individuals with substance abuse issues, addressing a unique need within the community.
New Cassel's population has grown from 14,029 in 2013 to 14,916 in 2022. The median income has increased from $90,282 in 2013 to $106,201 in 2022, despite some fluctuations. The racial composition has changed, with the Hispanic population increasing from 49% to 56% and the Black population decreasing from 39% to 32% between 2013 and 2022. The White population remained relatively stable at around 6-7%.
The LIHTC-funded affordable housing inventory in New Cassel, while modest in scale, provides crucial low-income housing options for the community. The city has maintained consistent investment in affordable housing over a decade, addressing diverse needs, including specialized housing for individuals with substance abuse issues. Despite population growth and increasing median income, demographic shifts suggest ongoing changes that may influence future affordable housing needs. The LIHTC program continues to play a vital role in supporting affordable housing development in New Cassel, contributing to the city's housing diversity and accessibility.
