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Affordable Housing Analysis in Zip Code 13827: LIHTC Funded Projects in Owego, 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 13827, located in Owego, New York, encompasses an area of 95.75 square miles with a population of 11,694 as of 2022. This zip code features Low-Income Housing Tax Credit (LIHTC) funded affordable housing, totaling 108 units, of which 93 are designated as low-income units. Based on an estimated housing inventory of 4,480 units, LIHTC funded affordable housing represents approximately 2.4% of the zip code's housing stock.
The LIHTC projects in zip code 13827 have received $462,520 in project tax credits, averaging $4,282 per unit in federal funding. This funding constitutes 0.02% of New York state's total LIHTC allocation, indicating a modest investment in affordable housing for this area. The affordable housing development in this zip code spans over a decade, with the first LIHTC project, OCG Housing, completed in 2004, and the most recent, Owego Gardens, finished in 2016. The 2000s experienced the highest activity in affordable housing development, with two projects completed during this period.
The LIHTC funded projects in zip code 13827 offer a mix of unit types, including 40 one-bedroom units and 23 two-bedroom units, addressing diverse household sizes and needs. This distribution of unit types caters to various segments of the population requiring affordable housing options.
The population in zip code 13827 has remained relatively stable over the past decade, fluctuating between 11,600 and 11,800 residents. The median income has shown variability, ranging from approximately $55,000 to $67,000, with the most recent data indicating $58,217 in 2022. Racial demographics have been consistent, with the white population consistently representing around 93-94% of residents. A slight increase in racial diversity has been observed, with the Hispanic population growing from 2% to 3% in recent years.
The steady population and income levels, combined with the consistent racial composition, suggest a stable community environment in zip code 13827. The LIHTC projects constructed over the years appear to address a consistent need for affordable housing in the area, aligning with the demographic trends observed.
Zip code 13827 demonstrates a modest but significant LIHTC funded affordable housing presence, covering about 2.4% of the estimated housing stock. The area has experienced continuous investment in affordable housing over more than a decade, with projects designed to provide one and two-bedroom units. While the LIHTC funded units represent a small portion of the overall housing inventory, they play an important role in providing affordable options in a community with stable demographics and moderate income levels. The consistent development of LIHTC projects over time indicates an ongoing commitment to addressing affordable housing needs in this zip code.
