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Affordable Housing Analysis in Zip Code 13036: Central Square's LIHTC Project
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Central Square, New York, zip code 13036, contains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. The zip code area has 32 affordable housing units, all designated as low-income units. This LIHTC-funded inventory comprises 0.96% of the estimated 3,346 housing units in the zip code, based on the 2022 population and national average household size.
The LIHTC program has invested $496,763 in tax credits for affordable housing in this zip code. This equates to an average federal funding of $15,524 per unit. This investment represents 0.02% of the total LIHTC funding allocated to New York State.
The sole LIHTC project in this zip code is the Waterworks Landing Senior Apts, completed in 2011. This development has provided affordable housing options for over a decade. The project consists of 32 units, with 28 one-bedroom apartments and 4 two-bedroom apartments, primarily serving smaller households and potentially senior residents.
Over the past decade, zip code 13036 has experienced fluctuations in population and median income. The population increased from 8,591 in 2010 to 8,733 in 2022. Median income data shows an upward trend, rising from $59,267 in 2013 to $61,241 in 2022, with a peak of $74,065 in 2021.
The racial composition of the zip code has remained relatively stable, with a predominantly white population (95% in 2022). There has been a slight increase in diversity, with small increases in Hispanic residents (2% in 2022) and those identifying as two or more races (2% in 2022).
The completion of the Waterworks Landing Senior Apts in 2011 aligns with a period of population growth and relatively stable median income in the area. This suggests that the project was developed in response to a recognized need for affordable senior housing in the community.
The LIHTC program has made a targeted investment in affordable housing in zip code 13036, focusing on a single project that caters to smaller households, likely seniors. While the project represents a small percentage of the overall housing stock, it provides 32 dedicated low-income units in an area with a growing population and fluctuating median income. The stable racial composition and slight increase in diversity over the past decade provide context for the community in which this affordable housing exists.
