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Affordable Housing Analysis in East Syracuse, New York: Zip Code 13057's LIHTC Contributions
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 13057, located in East Syracuse, New York, contains a significant number of Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. This area has 179 total units in LIHTC-funded projects, with 153 designated as low-income units. Based on the 2022 population of 15,501 and an estimated 5,939 housing units, LIHTC-funded affordable housing comprises approximately 3% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 13057 have received $1,835,728 in tax credits, averaging about $10,255 per unit across all LIHTC-funded projects. This zip code accounts for 0.09% of New York state's total LIHTC funding, indicating a modest but notable contribution to the state's affordable housing efforts.
Affordable housing development in this zip code spans two decades, with the first project completed in 1998 and the most recent in 2018. The 2010s saw the highest activity, with two projects completed during this period. Notable projects include Colonial Village (1998), Heman Street School Senior Apts (2013), and Island Hollow (2018).
The LIHTC-funded housing stock in zip code 13057 is diverse, featuring 111 one-bedroom units, 45 two-bedroom units, and 23 three-bedroom units. This distribution suggests a focus on smaller households and potentially senior living arrangements.
Over the past decade, zip code 13057 has experienced fluctuations in population, with a general trend towards slight decline. The population decreased from 15,893 in 2015 to 15,501 in 2022. During this period, two LIHTC projects were completed, potentially addressing housing needs for a changing demographic.
Median income in zip code 13057 has shown significant growth, rising from $59,248 in 2015 to $71,580 in 2022. This increase in median income might indicate a growing need for affordable housing options for lower-income residents who may be experiencing cost burdens due to rising housing prices.
The racial composition of zip code 13057 has remained relatively stable, with a slight decrease in the white population from 91% in 2015 to 90% in 2022, and small increases in Asian, Black, and Hispanic populations. This gradual diversification may influence future affordable housing needs and development strategies.
The LIHTC program has played a significant role in providing affordable housing in zip code 13057, with projects spanning two decades and contributing to about 3% of the estimated housing inventory. The area has seen a modest population decline and significant income growth over the past decade, which may influence future affordable housing needs. The diverse unit types in LIHTC projects suggest an effort to accommodate various household sizes and potentially senior residents. As the area continues to evolve demographically, ongoing assessment of affordable housing needs will be crucial to maintain a balanced housing market.
