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Affordable Housing Analysis in Zip Code 14527: Three Decades of LIHTC Development in Penn Yan, 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 14527, located in Penn Yan, New York, contains a significant number of Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. The area encompasses 354 total units in LIHTC-funded projects, with 291 designated as low-income units. Based on the 2022 population of 13,664 and using the national average household size, the estimated number of housing units in this zip code is approximately 5,235. LIHTC-funded affordable housing comprises about 6.8% of the estimated housing inventory, representing a substantial contribution to the area's affordable housing stock.
The LIHTC projects in zip code 14527 have received $697,800 in tax credits, averaging about $1,972 per unit. This allocation represents 0.03% of the total LIHTC funding allocated to New York state, indicating a modest but significant investment in affordable housing for this area. Affordable housing has been a consistent feature of this zip code since 1991, when the first LIHTC project, Conifer Penn Yan Assoc, was completed. The most recent addition, Keuka Gardens, was completed in 2019, demonstrating nearly three decades of continuous affordable housing development. The early 2000s experienced the highest level of activity, with three projects completed between 2002 and 2004: Meadowside Apts, Walnut Hill Apts, and Meadowside II Apts.
The inventory includes a diverse range of unit types, consisting of 109 one-bedroom units, 54 two-bedroom units, and 30 three-bedroom units. This variety accommodates different household sizes and needs within the low-income population.
Over the past decade, the population of zip code 14527 has remained relatively stable, with a slight decrease from 13,834 in 2014 to 13,664 in 2022. The median income has shown moderate growth, increasing from $52,797 in 2014 to $56,834 in 2022. This 7.6% increase in median income over eight years may indicate a slight improvement in overall economic conditions.
The racial composition of the area has remained predominantly white, consistently around 94-95% throughout the decade. There has been a small but noticeable increase in the Hispanic population, growing from 1% in 2014 to 3% in 2022. This slight diversification could potentially influence future affordable housing needs and designs.
Despite the completion of Keuka Gardens in 2019, there has not been a significant increase in LIHTC project development in recent years. This could be attributed to the relatively stable population and modest income growth, suggesting that the existing affordable housing stock may be meeting current needs.
Zip code 14527 demonstrates a consistent commitment to affordable housing through its LIHTC-funded projects. The area has maintained a steady affordable housing inventory, with projects spanning nearly three decades. While the LIHTC-funded units cover only a portion of the estimated housing stock, they provide an essential resource for low-income residents. The demographic trends show a stable population with modest income growth and slight racial diversification, which may influence future affordable housing strategies in the area. The consistent development of LIHTC projects over time suggests an ongoing recognition of the importance of affordable housing in this community.
