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Poughkeepsie's LIHTC-Funded Affordable Housing: A Two-Decade Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Poughkeepsie, a city in New York state, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city's total LIHTC-funded affordable housing units stand at 771, with 692 of these designated as low-income units. Based on the estimated housing inventory of 12,152 units, the LIHTC-funded affordable housing covers approximately 6.3% of the city's housing stock.
Poughkeepsie has received $7,563,966 in project tax credits through the LIHTC program. With approximately 10 projects, this translates to an average of $756,397 in federal funding per project. The average federal funding per unit is $9,810, considering the total of 771 units in LIHTC-funded projects. Poughkeepsie holds 0.36% of the total state LIHTC funding.
The city's LIHTC-funded affordable housing development spans nearly two decades, from the Garden St Revit Project Phase I in 2000 to more recent developments like Queen City Lofts and Fallkill Commons On Rose, both completed in 2018. The 2010s saw the most affordable housing projects completed, with notable developments including Poughkeepsie Commons (2012), Highridge Gardens (2014), and the aforementioned 2018 projects.
The LIHTC-funded housing inventory in Poughkeepsie offers a diverse range of unit types. Out of the 771 total units, there are 55 efficiencies, 394 one-bedroom units, 189 two-bedroom units, 76 three-bedroom units, and 21 four-bedroom units. This distribution caters to various household sizes and needs.
Some projects target specific populations. Poughkeepsie Commons focuses on veterans, while Queen City Lofts and Fallkill Commons On Rose are designed for individuals with Serious Mental Illness (SMI). These specialized projects address unique housing needs within the community.
Over the past decade, Poughkeepsie's population has remained relatively stable, with a slight decrease from 31,168 in 2013 to 31,717 in 2022. The median income has shown an overall increase, rising from $50,770 in 2013 to $54,970 in 2022, despite some fluctuations.
Regarding racial distribution, the city has maintained a diverse composition. The Black population has slightly decreased from 35% in 2013 to 33% in 2022, while the Hispanic population has remained stable at around 21%. The White population has seen a minor increase from 39% to 40% during this period.
The completion of LIHTC projects in 2018 aligns with a period of relative population stability and increasing median income, suggesting a continued need for affordable housing options despite economic improvements.
Poughkeepsie's LIHTC-funded affordable housing inventory plays a significant role in addressing the city's housing needs. With 771 units, including 692 low-income units, these projects contribute to about 6.3% of the estimated housing stock. The city has leveraged substantial federal funding, averaging $756,397 per project and $9,810 per unit. The diverse unit types and targeted projects for veterans and individuals with SMI demonstrate a commitment to addressing varied housing needs. While demographic trends show relative stability in population and improving median incomes, the continued development of LIHTC projects through 2018 indicates an ongoing demand for affordable housing in Poughkeepsie.
