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Titusville's Affordable Housing: Three Decades of LIHTC Impact in a Declining Population
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Titusville, Pennsylvania, has a modest Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory consisting of 21 units, all of which are designated as low-income. This accounts for approximately 1.04% of the city's estimated 2,016 housing units. The city has received $109,766 in project tax credits from the LIHTC program, distributed across two projects. This translates to an average federal funding of $54,883 per project and $5,227 per unit. Titusville's share of the total state LIHTC funding is 0.02%.
The two LIHTC projects in Titusville, Elm Street Apts and Titusville Apts, were both completed in 1992, indicating that affordable housing has been present in the city for about 30 years. The 1990s marked the period of most significant affordable housing development in Titusville. The city's LIHTC-funded housing inventory comprises 4 efficiencies, 14 one-bedroom units, and 3 two-bedroom units, suggesting a focus on smaller household sizes in the affordable housing stock.
Titusville's population has been steadily declining over the past decade, from 5,697 in 2010 to 5,262 in 2022. Despite this population decrease, the median income has shown an overall upward trend, rising from $28,037 in 2013 to $38,119 in 2022. This increase in median income might indicate a reduced need for additional affordable housing units in recent years.
The racial composition of Titusville has remained relatively stable, with the white population consistently making up the vast majority (94-96%) of residents. There have been slight increases in racial diversity, with small percentages of Black, Hispanic, and Asian residents.
Titusville's LIHTC-funded affordable housing inventory, while modest, has been a part of the city's housing landscape for three decades. The two projects, both completed in 1992, provide 21 units of affordable housing, primarily consisting of one-bedroom apartments. Despite a declining population, the city has seen an increase in median income over the past decade, which may influence the current demand for affordable housing. The stable racial composition and income trends provide context for understanding the city's affordable housing needs and how they may have evolved since the initial LIHTC projects were completed.
