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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Port Chester, located in New York state, has a LIHTC funded affordable housing inventory of 193 total units, with 192 designated as low-income units. This represents approximately 1.6% of the estimated 12,016 housing units in Port Chester, based on the 2022 population and national average household size.
Port Chester has received $734,933 in project tax credits from the LIHTC program. With two approximate projects, this averages to $367,466.50 per project. The funding breaks down to about $3,808 per unit when considering all 193 units. Port Chester holds 0.03% of New York state's total LIHTC funding.
The LIHTC program has been active in Port Chester for at least 17 years, with the first recorded project, Southport Mews, completed in 2005, and the most recent, Kingsport Apts, in 2012. The 2010s saw the most recent affordable housing development activity.
Port Chester's LIHTC-funded housing stock is diverse, featuring 10 efficiencies, 154 one-bedroom units, 25 two-bedroom units, and 4 three-bedroom units. This distribution suggests a focus on smaller households and potentially senior living arrangements.
Over the past decade, Port Chester's population has grown from 29,350 in 2019 to 31,362 in 2022, an increase of about 6.9%. During this same period, the median income rose from $79,049 in 2019 to $80,153 in 2022, indicating overall economic growth in the community.
The racial composition of Port Chester has remained relatively stable, with a slight decrease in the Hispanic population from 64% in 2019 to 62% in 2022, and a small increase in the Asian population from 1% to 2%. The White population decreased slightly from 31% to 27%, while the Black population increased from 3% to 7%.
These demographic shifts, particularly the rising median income, may indicate changing housing needs in the community. However, the steady population growth suggests a continued demand for diverse housing options, including affordable units.
Port Chester's LIHTC-funded affordable housing represents a small but significant portion of the village's housing stock. The program has provided nearly three-quarters of a million dollars in tax credits, supporting two projects over a 17-year period. The housing stock is primarily composed of smaller units, potentially catering to single-person households or seniors. While the village has seen economic growth and demographic shifts in recent years, the continued population increase suggests an ongoing need for diverse housing options, including affordable units. The LIHTC program has played a role in addressing this need, though it represents only a fraction of the village's total housing inventory.