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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Montgomery, located in zip code 12549 in New York state, contains 111 total units in Low-Income Housing Tax Credit (LIHTC) funded projects, with 110 designated as low-income units. Based on the 2022 population of 12,649 and the national average household size, the estimated housing inventory in this zip code is approximately 4,846 units. The LIHTC funded affordable housing covers about 2.3% of the estimated housing inventory in the zip code.
The LIHTC projects in zip code 12549 have received $995,000 in tax credits, averaging approximately $8,964 per unit. This funding represents 0.05% of New York state's total LIHTC allocation. Affordable housing has been present in this zip code since at least 2001, with the completion of Pachett Crossing. The most recent project, Montgomery Manor, was completed in 2007, indicating a six-year period of LIHTC development activity.
The affordable housing inventory primarily consists of one-bedroom units, with 108 out of 111 total units being one-bedroom apartments. The remaining 3 units are two-bedroom apartments, providing a limited variety of housing options for residents.
Over the last decade, zip code 12549 has experienced fluctuations in population, with a peak of 13,708 residents in 2020 and a subsequent decline to 12,649 in 2022. Median income has shown an overall upward trend, increasing from $92,246 in 2019 to $101,015 in 2022. This rise in median income might indicate a reduced need for additional affordable housing in recent years.
The racial demographics of zip code 12549 have shifted slightly, with the white population decreasing from 76% in 2019 to 69% in 2022. Concurrently, there has been an increase in the Hispanic population from 12% to 17%, and a slight increase in the Black population from 8% to 9% during the same period. These demographic changes may influence future affordable housing needs in the area.
The LIHTC funded affordable housing in zip code 12549 provides a modest contribution to the area's housing inventory. With 110 low-income units, primarily consisting of one-bedroom apartments, these projects offer housing options for a specific segment of the population. The absence of new LIHTC projects since 2007, coupled with rising median incomes, suggests that the current affordable housing stock may be meeting the immediate needs of the community. However, the changing racial demographics and population fluctuations indicate that ongoing assessment of affordable housing needs in this zip code may be necessary to ensure adequate housing options for all residents.