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Affordable Housing Analysis in Zip Code 13417: New York Mills' LIHTC-Funded Project
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 13417, located in New York Mills, New York, has a population of 2,041 as of 2022 and covers an area of 1.08 square miles. This zip code contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, which provides 33 low-income units. Based on the estimated housing inventory of approximately 782 units, LIHTC-funded affordable housing accounts for about 4.2% of the zip code's housing stock.
The LIHTC program has invested $478,899 in tax credits for affordable housing in zip code 13417. This equates to an average federal funding of $14,512 per unit. This investment represents 0.02% of New York state's total LIHTC funding, indicating a relatively small allocation for this area.
The single LIHTC project in zip code 13417, New York Mills Senior Center, was completed in 2007. This project has been providing affordable housing options for over 15 years. The 33-unit development consists of 29 one-bedroom units and 4 two-bedroom units, primarily serving smaller households.
Over the past decade, the population of zip code 13417 has fluctuated, with a slight overall decline from 2,325 in 2015 to 2,041 in 2022. The median income has also shown variability, ranging from a high of $49,069 in 2017 to $43,619 in 2022. These changes may reflect economic shifts in the area that could influence affordable housing needs.
The racial composition of zip code 13417 has remained predominantly white, with the percentage increasing slightly from 92% in 2017 to 97% in 2022. This demographic stability may suggest a consistent community profile, potentially influencing the types of affordable housing needed.
Zip code 13417 in New York Mills has a modest LIHTC-funded affordable housing presence, with one project providing 33 units, primarily consisting of one-bedroom apartments. This accounts for about 4.2% of the estimated housing inventory. This percentage is below the target for affordable housing stock, but it is important to note that other housing assistance programs may also be contributing to the area's affordable housing needs.
The area has experienced slight population decline and income fluctuations over the past decade, which could impact future affordable housing demands. The stable racial composition indicates a consistent community profile. As the existing LIHTC project is over 15 years old, future assessments may be necessary to determine if additional affordable housing investments are required to meet evolving community needs.
