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Affordable Housing Analysis in Zip Code 14424: Three Decades of LIHTC Development in Canandaigua, NY
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 14424, located in Canandaigua, New York, contains 323 total units in Low-Income Housing Tax Credit (LIHTC) funded projects, with 322 designated as low-income units. This zip code spans 137.04 square miles and has an estimated population of 27,216 as of 2022. Based on the national average household size of 2.61, the estimated housing inventory for this zip code is approximately 10,428 units. The LIHTC-funded affordable housing comprises about 3.1% of the estimated housing inventory in zip code 14424.
The LIHTC projects in zip code 14424 have received $3,028,766 in tax credits, averaging approximately $9,377 per unit. This represents 0.14% of the total LIHTC funding allocated to New York State. The LIHTC program has supported affordable housing in this zip code since at least 1988, with the completion of the 14 Calman Pl project. The most recent project, Creekview Apartments At Woodland Park, was completed in 2019, demonstrating over three decades of affordable housing development in the area.
The 1990s saw significant affordable housing development, with projects like Thompson Apts (1994) and Canandaigua Junior Academy (1996) being completed. The 2010s also saw notable activity, with projects such as Cadence Square (2013) and Liberty Apartments At Parkside (2017) being built. The LIHTC-funded projects in zip code 14424 offer a range of unit types, including 9 efficiencies, 143 one-bedroom units, 96 two-bedroom units, and 39 three-bedroom units, catering to various household sizes and needs.
One project, Cadence Square, completed in 2013, specifically targets veterans, addressing the unique housing needs of this population. Over the past decade, the population in zip code 14424 has grown steadily, increasing from 25,834 in 2013 to 27,216 in 2022. This population growth may have contributed to the continued development of affordable housing projects in recent years.
The median income in zip code 14424 has increased, rising from $58,054 in 2013 to $74,221 in 2022. Despite this increase, the continued development of affordable housing suggests an ongoing need for low-income housing options in the area. Racial demographics have remained relatively stable, with a slight decrease in the white population from 94% in 2013 to 91% in 2022, and a small increase in Hispanic residents from 2% to 4% during the same period. This gradual diversification may influence future affordable housing needs and development.
Zip code 14424 has an established LIHTC-funded affordable housing inventory, developed over more than three decades. The current affordable housing stock covers a small percentage of the estimated housing inventory, representing a consistent commitment to providing low-income housing options. The range of unit types and targeted projects, such as those for veterans, demonstrate efforts to meet varied housing needs. As the area continues to grow and diversify, ongoing assessment and development of affordable housing may be necessary to meet the evolving needs of the community.
