Loading Content...
Affordable Housing Analysis in Zip Code 14589: LIHTC's Impact on Williamson
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 14589, encompassing Williamson in New York state, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area has 113 total affordable units, all designated as low-income units. These units represent approximately 4.1% of the estimated 2,787 housing units in the zip code.
The LIHTC program has allocated $265,213 in tax credits for affordable housing projects in zip code 14589. This equates to an average federal funding of $2,346 per unit. The allocated credits constitute 0.01% of New York state's total LIHTC funding allocation.
The affordable housing inventory in this zip code consists of one project, "Wih Preservation," completed in 2015. This project has provided affordable housing options for nearly a decade. The 113 units are distributed as 93 one-bedroom units, 16 two-bedroom units, and 4 three-bedroom units, offering options for various household sizes.
The population in zip code 14589 has remained relatively stable over the past decade, fluctuating between 7,100 and 7,300 residents. The median income has increased significantly, rising from $56,912 in 2017 to $71,717 in 2022. This increase in median income may indicate a growing need for affordable housing options to maintain economic diversity in the area.
The racial composition of zip code 14589 has remained predominantly white, consistently above 85% throughout the decade. There has been a slight increase in diversity, with the percentage of residents identifying as two or more races growing from 2% in 2013 to 5% in 2022. The Hispanic population has also seen a small increase, from 3% in 2013 to 5% in 2022.
The LIHTC program has made a notable contribution to affordable housing in zip code 14589, providing 113 low-income units through a single project completed in 2015. This represents about 4.1% of the estimated housing inventory. The zip code has experienced stable population levels and increasing median income over the past decade, potentially indicating an ongoing need for affordable housing options. The racial composition has remained predominantly white, with slight increases in diversity. These demographic trends, combined with the LIHTC investment, suggest a continuing effort to maintain affordable housing options in this New York community.
