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Affordable Housing Analysis in Webster: Zip Code 14580's LIHTC Inventory
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Webster, New York, zip code 14580, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area has 766 total units in LIHTC funded projects, with 653 of these designated as low-income units. Based on the 2022 population of 54,973 and an estimated 21,062 housing units, the LIHTC funded affordable housing covers approximately 3.6% of the zip code's estimated housing inventory.
The LIHTC program has invested $3,067,283 in tax credits for affordable housing projects in this zip code. This translates to an average federal funding of $4,004 per unit. This zip code accounts for 0.15% of the total LIHTC funding allocated to New York State.
Affordable housing has been present in this community for over two decades. The first LIHTC projects, 1103 Salt Rd Apts and Heritage Christian Home II, were completed in 2001. The most recent project, CDS Monarch Senior Living - Hard Road, was finished in 2018. The 2010s saw the most affordable housing development, with five projects completed during this decade.
The LIHTC funded housing stock in this zip code offers a diverse range of unit types. Out of the 766 total units, there are 18 efficiencies, 421 one-bedroom units, 230 two-bedroom units, 8 three-bedroom units, and 2 four-bedroom units. This distribution suggests a focus on smaller households and potentially senior living arrangements.
Over the past decade, the zip code has experienced steady population growth, increasing from 48,664 in 2010 to 54,973 in 2022. Median income has also risen significantly, from $81,552 in 2013 to $90,229 in 2022. Despite this economic growth, the continued development of LIHTC projects indicates an ongoing need for affordable housing options.
The racial composition of the zip code has remained relatively stable, with a slight decrease in the white population from 92% in 2013 to 89% in 2022, and small increases in Asian, Black, and Hispanic populations. This gradual diversification aligns with the continued development of affordable housing options to serve a changing community.
The LIHTC program has played a crucial role in providing affordable housing in zip code 14580, with 766 units developed over two decades. While these units represent a small percentage of the total housing stock, they provide essential housing options for low-income residents. The steady development of LIHTC projects, even as median income has increased, suggests an ongoing commitment to maintaining affordable housing options in a growing and economically diverse community.
