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Affordable Housing Analysis in Zip Code 13815: LIHTC's Impact on Norwich, New York
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 13815, located in Norwich, New York State, possesses a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area contains 164 total units in LIHTC funded projects, with 153 units designated as low-income. The zip code spans 110.64 square miles and had a population of 12,137 in 2022. Based on the national average household size of 2.61, the estimated housing inventory for this zip code is approximately 4,650 units. LIHTC funded affordable housing units comprise about 3.5% of the estimated total housing stock in the zip code.
LIHTC projects in zip code 13815 have received $731,748 in tax credits, averaging approximately $4,461 per unit when distributed across all 164 LIHTC funded units. This zip code represents 0.03% of the total LIHTC funding allocated in New York State. The affordable housing inventory in this area has developed over several years, with the earliest known project, Golden Age, completed in 2007, and the most recent, Cobblers Square, in 2014. This indicates at least seven years of affordable housing development in the area, with the 2010s seeing the most LIHTC project completions.
The LIHTC funded projects in zip code 13815 offer a range of unit types, including 1 efficiency unit, 119 one-bedroom units, and 26 two-bedroom units. This distribution suggests a focus on smaller households or individuals. Over the past decade, the zip code has experienced a slight population decline, from 12,931 in 2013 to 12,137 in 2022. Despite this decrease, the median income has shown an overall upward trend, rising from $45,565 in 2013 to $50,619 in 2022, with some fluctuations in between.
The racial composition of zip code 13815 has remained relatively stable, with a slight decrease in the white population from 95% in 2013 to 90% in 2022. There has been a small increase in diversity, with the Hispanic population growing from 1% to 5% during this period.
The LIHTC program has made a significant contribution to the affordable housing stock in zip code 13815, providing 164 units, with 153 specifically designated for low-income residents. While this represents a small percentage of the estimated total housing stock, it is an important contribution to affordable housing in the area. The zip code has experienced a slight population decline and income growth over the past decade, which may influence future affordable housing needs. The racial composition has remained predominantly white, with a small increase in diversity. These demographic trends, along with the existing LIHTC inventory, will be important factors in assessing and planning for future affordable housing needs in this zip code.
