Loading Content...
Penn Yan's LIHTC Program: A Cornerstone of Affordable Housing in a Changing Village
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Penn Yan in New York state has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The village has 350 units in LIHTC-funded projects, with 287 designated as low-income units. Based on the 2022 population of 7,690 and using the national average household size, the estimated total housing inventory for Penn Yan is approximately 2,946 units. The LIHTC-funded affordable housing comprises about 11.9% of the estimated housing inventory, contributing significantly to the village's affordable housing needs.
Penn Yan has received $697,800 in project tax credits for affordable housing through the LIHTC program. With approximately 5 projects, this translates to an average of $139,560 in federal funding per project. The average federal funding per unit is about $1,994. The village holds 0.03% of the total state LIHTC funding, indicating a modest share of New York's affordable housing resources. LIHTC-funded affordable housing has been present in Penn Yan since 1991, with the most recent project, Keuka Gardens, completed in 2019. This represents nearly three decades of affordable housing development in the area.
The 1990s and early 2000s saw significant affordable housing activity, with projects like Conifer Penn Yan Assoc (1991), Vineland Apts (1998), Walnut Hill Apts (2003), and Meadowside II Apts (2004) being completed. The distribution of unit types shows a focus on smaller households, with 107 one-bedroom units and 52 two-bedroom units. There are also 30 three-bedroom units, catering to larger families.
Over the past decade, Penn Yan has experienced a gradual decline in population, from 8,236 in 2014 to 7,690 in 2022. Despite this decline, the median income has shown some fluctuation, rising from $47,457 in 2014 to $50,862 in 2022. This increase in median income, albeit modest, might indicate changing economic conditions in the village.
The racial composition of Penn Yan has remained predominantly white, with a slight decrease from 95% in 2014 to 93% in 2022. There has been a small increase in Hispanic population, from less than 1% in 2014 to 4% in 2022, suggesting a growing diversity that might influence future affordable housing needs. The completion of Keuka Gardens in 2019 aligns with these demographic shifts, potentially addressing the evolving housing needs of the community.
Penn Yan has maintained a consistent commitment to affordable housing through the LIHTC program, with projects spanning nearly three decades. The LIHTC-funded units represent a significant portion of the village's estimated housing inventory, contributing to its affordable housing stock. The focus on one and two-bedroom units suggests an emphasis on housing for smaller households and individuals. While the population has slightly declined, the modest increase in median income and growing diversity may influence future affordable housing needs and developments in Penn Yan.
