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Affordable Housing Analysis in Zip Code 14568: Walworth's Single LIHTC Project
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 14568, encompassing Walworth in New York, contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project, Gananda Senior Apts, provides 62 low-income units, all one-bedroom apartments. The estimated housing inventory for the zip code is 2,274 units, with LIHTC-funded affordable housing comprising 2.73% of the area's housing stock.
The LIHTC program has invested $265,950 in tax credits for affordable housing in zip code 14568. This equates to an average federal funding of $4,289 per unit. The project accounts for 1% of New York State's total LIHTC funding allocation, representing a small but significant contribution to the state's affordable housing efforts.
Gananda Senior Apts, completed in 2009, is the sole instance of LIHTC-funded affordable housing in zip code 14568. This project has provided affordable housing options for over a decade, focusing exclusively on one-bedroom units, indicating a targeted approach to housing needs in the area.
Zip code 14568 has experienced a slight population increase over the past decade, growing from 5,767 in 2013 to 5,934 in 2022. The median income has risen from $69,026 in 2013 to $77,352 in 2022, suggesting an improvement in economic conditions. This increase in median income may indicate a growing need for affordable housing options for those potentially priced out of the market.
The racial composition of zip code 14568 has remained relatively stable. The population is predominantly white (92% in 2022) with small increases in diversity. The Hispanic population has grown from 2% to 4% between 2013 and 2022, while the Asian and Black populations have each increased to 1% by 2022.
Zip code 14568 contains one LIHTC-funded affordable housing project, Gananda Senior Apts, providing 62 one-bedroom units for low-income residents. This project, completed in 2009, represents a small but significant portion of the area's housing stock and state LIHTC funding. The area has experienced modest population growth and increasing median incomes over the past decade. The lack of new LIHTC development since 2009 suggests that ongoing assessment of affordable housing needs may be necessary, particularly considering rising income levels and subtle changes in demographic composition.
