Loading Content...
Affordable Housing Analysis in Zip Code 14214: Buffalo's LIHTC-Funded Inventory
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 14214, located in Buffalo, New York, contains a diverse Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area encompasses 529 total units in LIHTC funded projects, with 500 designated as low-income units. Based on the 2022 population of 22,715 and utilizing the national average household size, an estimated 8,703 housing units exist in this zip code. LIHTC funded affordable housing comprises approximately 6.1% of the estimated housing inventory in the area.
The LIHTC projects in zip code 14214 have received $1,566,779 in tax credits, averaging about $2,962 in federal funding per unit. This zip code holds 0.07% of the total state LIHTC funding, indicating a modest but notable investment in affordable housing for the area. Affordable housing has been present in this zip code since 1995, with the completion of Manhattan Square Apts and Hertel Park. The most recent project, Elim Townhouses, was completed in 2019, spanning nearly 25 years of affordable housing development.
The inventory includes a mix of unit types, with a predominance of one-bedroom units (393), followed by two-bedroom units (118), three-bedroom units (14), and four-bedroom units (4). This distribution suggests a focus on housing for smaller households or individuals. Over the last decade, the population in zip code 14214 has shown some fluctuation but overall growth, increasing from 20,368 in 2014 to 22,715 in 2022. The median income has also risen, from $50,013 in 2014 to $52,725 in 2022, indicating a modest improvement in economic conditions.
Racial demographics in zip code 14214 have remained relatively stable, with a slight increase in diversity. The white population decreased slightly from 45% in 2014 to 47% in 2022, while the Asian population increased from 8% to 10%. The Black population remained stable at around 34-35%, and the Hispanic population grew from 3% to 6%. The completion of the Elim Townhouses project in 2019 aligns with the period of population growth and increasing median income, suggesting a continued need for affordable housing despite improving economic conditions.
Zip code 14214 in Buffalo, New York, has an established LIHTC funded affordable housing inventory that has developed over nearly 25 years. The current inventory covers about 6.1% of the estimated housing units, representing a significant investment in affordable housing for the area. The mix of unit types, with a focus on one and two-bedroom apartments, reflects the needs of the local population. Despite modest economic improvements over the past decade, the continued development of LIHTC projects indicates an ongoing demand for affordable housing in this diverse and growing community.
