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Newburgh's LIHTC Program: Addressing Affordable Housing Needs in a Historic New York City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Newburgh, a city in New York state, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has a total of 1,169 affordable units, with 1,062 specifically designated as low-income units. Based on the estimated housing inventory of 11,016 units, LIHTC-funded affordable housing covers approximately 10.6% of the city's housing stock.
Newburgh has received $5,253,084 in project tax credits through the LIHTC program. With approximately 23 projects, this averages to about $228,395 per project. The funding translates to roughly $4,493 per unit when considering all 1,169 units in LIHTC-funded projects. Notably, Newburgh holds 0.25% of New York state's total LIHTC funding.
The city's affordable housing journey spans several decades, with the earliest recorded LIHTC project, 181 First St, completed in 1992. The most recent project, East End Apartments, was finished in 2018. This 26-year period demonstrates a long-term commitment to affordable housing development in Newburgh.
The 1990s saw the most affordable housing activity, with multiple projects completed, including City Terrace Apts (1993), Liberty Works (1995), and Dubois Street Apts (1998).
Newburgh's LIHTC-funded housing stock is diverse, consisting of 145 efficiencies, 314 one-bedroom, 306 two-bedroom, 203 three-bedroom, and 56 four-bedroom units. This variety caters to different household sizes and needs within the low-income population.
One notable project, East End Apartments, targets military service members and individuals aging out of foster care. This specialized focus addresses the unique housing needs of these vulnerable populations.
Over the past decade, Newburgh's population has remained relatively stable, fluctuating between 28,000 and 29,000 residents. The median income has shown an overall increasing trend, rising from $48,720 in 2013 to $54,889 in 2022, with some fluctuations in between.
Racially, the city has experienced slight shifts. The Hispanic population has grown from 49% in 2013 to 49% in 2022, while the Black population decreased from 27% to 25%, and the White population increased slightly from 20% to 22% during the same period. These demographic changes may influence the ongoing need for diverse affordable housing options.
Newburgh's LIHTC-funded affordable housing inventory plays a significant role in the city's housing landscape, covering about 10.6% of the estimated housing stock. The city has consistently developed affordable housing projects over nearly three decades, with a diverse range of unit types to accommodate various household sizes. The stable population, changes in income levels, and racial composition underscore the ongoing importance of affordable housing initiatives in meeting the evolving needs of Newburgh's residents.
