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Affordable Housing Analysis in Zip Code 13502: LIHTC Impact on Utica's Housing Landscape
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 13502, located in Utica, New York, contains a significant number of Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. This area has 308 units in LIHTC-funded projects, with 142 designated as low-income units. Based on the 2022 population of 32,465 and an estimated 12,439 housing units, LIHTC-funded affordable housing comprises approximately 2.48% of the estimated housing inventory in this zip code.
The LIHTC projects in zip code 13502 have received $3,897,642 in tax credits, averaging about $12,655 per unit. This funding represents 0.18% of the total LIHTC allocations for New York State, indicating a substantial investment in affordable housing for this area. The affordable housing landscape in this zip code has developed over time, with projects spanning from 2006 to 2014. Willow Commons, the first LIHTC project, was completed in 2006, while Genesee Crossing, the most recent addition, was finished in 2014.
The 2010s witnessed the most significant affordable housing development activity, with notable projects including Kemble Square (2010), Kennedy Plaza Low-Rise Apartments (2011), and Kennedy Plaza Apartments (2011). The LIHTC-funded housing inventory in zip code 13502 offers a range of unit types. Out of the 308 total units, there are 4 efficiencies, 181 one-bedroom units, 95 two-bedroom units, 19 three-bedroom units, and 9 four-bedroom units. This distribution indicates a focus on accommodating various household sizes, with an emphasis on smaller households.
Over the past decade, zip code 13502 has experienced demographic shifts. The population has remained relatively stable, increasing slightly from 30,466 in 2015 to 32,465 in 2022. Median income has shown an upward trend, rising from $42,216 in 2015 to $52,254 in 2022, representing a 23.8% increase.
Racial demographics have also changed. The white population has decreased from 73% in 2015 to 68% in 2022. Conversely, diversity has increased, with the Hispanic population growing from 7% to 10%, and the Asian population increasing from 3% to 5% during the same period. These demographic changes, particularly the increase in median income and growing diversity, may have influenced the need for affordable housing in the area. The absence of new LIHTC projects since 2014 could be related to these shifting demographics and economic conditions.
Zip code 13502 in Utica, New York, demonstrates a commitment to affordable housing through its LIHTC-funded projects. With 308 total units, including 142 low-income units, these developments represent a small but significant portion of the area's housing inventory. The LIHTC investments span nearly a decade, showing a sustained effort to address affordable housing needs. While demographic shifts, including rising median income and increasing diversity, have occurred in recent years, the existing LIHTC projects continue to play a role in providing affordable housing options for the community.
