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Affordable Housing Analysis in Zip Code 12986: A Unique Look at Tupper Lake's LIHTC Projects
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 12986, encompassing Tupper Lake in New York, contains 26 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. This area, situated in the Adirondacks, has all 26 units designated as low-income. Based on an estimated housing inventory of 2,485 units for the zip code's 2022 population, LIHTC-funded affordable housing represents approximately 1.05% of the total housing stock.
The LIHTC program has funded two projects in zip code 12986: Woodlands and Tupper Lake Apts. Both projects were completed in 1995, indicating that affordable housing has been present in the area for nearly three decades. The 1990s marked the decade with the most affordable housing development in this zip code.
The unit types in these projects consist of 16 one-bedroom units, 7 two-bedroom units, and 3 three-bedroom units. Woodlands provides 18 units, primarily consisting of one-bedroom apartments, while Tupper Lake Apts offers 8 units with a mix of two and three-bedroom options. This distribution suggests a focus on accommodating both single residents and small families.
Zip code 12986 has experienced demographic shifts over the past decade. The population has decreased from 7,190 in 2014 to 6,487 in 2022. Despite this population decline, the median income has remained relatively stable, fluctuating between $53,061 in 2014 and $54,651 in 2022, with some years showing higher figures.
Racial demographics in zip code 12986 have shown minor changes. The white population has decreased slightly from 95% in 2014 to 93% in 2022. The Black population increased from 3% to 5% between 2014 and 2020, settling at 3% in 2022. The Hispanic population grew from 1% in 2014 to 2% in 2022.
These demographic trends, particularly the stable median income and slight population decline, may explain why no new LIHTC projects have been developed in zip code 12986 in the last decade. The existing affordable housing stock might be sufficient to meet current needs, given the population trends.
Zip code 12986 has a modest LIHTC-funded affordable housing inventory, comprising 1.05% of the estimated total housing stock. The two existing projects, both completed in 1995, offer a variety of unit sizes to accommodate different household needs. While the area has experienced slight population decline and demographic shifts over the past decade, the median income has remained relatively stable. This stability, combined with the existing affordable housing stock, may explain the lack of new LIHTC developments in recent years. Ongoing monitoring of demographic trends and housing needs would be crucial to ensure adequate affordable housing availability in the future.
