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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 14472, located in Honeoye Falls, New York, has a population of 8,841 as of 2022. This area has 90 units in Low-Income Housing Tax Credit (LIHTC) funded affordable housing projects, with 4 designated as low-income units. Based on the estimated housing inventory of 3,387 units, the LIHTC funded affordable housing covers 2.66% of the zip code's housing stock.
The LIHTC program has provided $430,754 in tax credits for affordable housing projects in this zip code. This translates to an average federal funding of $4,786 per unit. Zip code 14472 accounts for 0.02% of the total LIHTC funding allocated to New York state.
Affordable housing has been present in this zip code since 1991, with the completion of the Pinehurst North Apartments. The most recent project, Seneca Place Apts, was completed in 2007, indicating a 16-year span of LIHTC-funded development in the area. The 1990s saw the most affordable housing activity in this zip code.
The affordable housing inventory in zip code 14472 consists of 17 one-bedroom units, 65 two-bedroom units, and 8 three-bedroom units. This distribution suggests a focus on accommodating small to medium-sized households.
Over the past decade, the population in zip code 14472 has increased from 8,461 in 2018 to 8,841 in 2022. Median income has risen from $99,839 in 2018 to $108,132 in 2022, indicating an improvement in economic conditions.
The racial composition of the zip code has remained relatively stable, with a decrease in the white population from 95% in 2018 to 93% in 2022. There has been a small increase in diversity, with slight increases in the Hispanic, Asian, and multi-racial populations.
Despite the population growth and rising median income, there have been no new LIHTC projects in the last decade. This may be due to the relatively high median income, which may reduce the perceived need for additional affordable housing in the area.
Zip code 14472 has a modest LIHTC-funded affordable housing inventory, covering 2.66% of the estimated housing stock. The area has seen two LIHTC projects completed over a 16-year period, with the most recent dating back to 2007. The housing mix predominantly consists of two-bedroom units, suggesting a focus on small to medium-sized households. While the population and median income have increased over the past decade, there has been no recent LIHTC development activity, possibly due to the area's relatively high median income.