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Affordable Housing Analysis in Zip Code 14605: Long-term LIHTC Investment in Rochester, 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 14605 in Rochester, New York, contains a significant inventory of LIHTC-funded affordable housing. This area has 978 total units in LIHTC-funded projects, including 931 low-income units. Based on an estimated 4,322 housing units in the zip code, LIHTC-funded affordable housing comprises approximately 22.6% of the housing inventory, indicating a substantial presence of affordable options.
The LIHTC projects in zip code 14605 have received $4,424,766 in tax credits, averaging about $4,524 per unit in federal funding. This zip code holds 0.21% of the total state LIHTC funding, suggesting a notable concentration of affordable housing investment in this area.
Affordable housing has been a long-standing feature in zip code 14605, with the earliest LIHTC projects, Marketview Heights and 101 Ontario St, completed in 1991. The most recent project, VOC Liberty Landing, was completed in 2020, spanning nearly three decades of affordable housing development. The 1990s saw the most affordable housing projects completed, including Central Park & Laser Street Apts (1993) and Niagara Place (1995).
The LIHTC-funded projects in zip code 14605 offer a diverse range of unit types, including 15 efficiencies, 335 one-bedroom units, 184 two-bedroom units, 155 three-bedroom units, and 96 four-bedroom units. This variety caters to different household sizes and needs within the community. Notably, some projects target specific populations. Destiny At WCP focuses on individuals with mental illness and substance abuse issues, while VOC Liberty Landing caters to veterans. These specialized projects address unique housing needs within the community.
Over the past decade, zip code 14605 has experienced a steady population decline, from 13,598 in 2013 to 11,281 in 2022. Despite this decrease, the median income has shown an overall upward trend, rising from $18,321 in 2013 to $23,542 in 2022. This increase in median income, coupled with the population decline, might suggest changing economic dynamics in the area.
Racial demographics have remained relatively stable in zip code 14605, with the Black population consistently representing the largest group (45-49%), followed by the Hispanic population (35-41%). The White population has remained steady at around 10-12%, while the Asian population has seen a slight increase from 2% to 6% over the decade. The completion of VOC Liberty Landing in 2020, despite the declining population, indicates an ongoing need for specialized affordable housing, particularly for veterans in this case.
Zip code 14605 in Rochester, New York, showcases a strong presence of LIHTC-funded affordable housing, covering over 22% of the estimated housing inventory. The area has seen consistent investment in affordable housing over nearly three decades, with projects catering to diverse needs, including specialized housing for veterans and individuals with mental illness or substance abuse issues. Despite a declining population, the area continues to see investment in affordable housing, suggesting an ongoing commitment to meeting the community's housing needs. The rising median income and stable racial demographics provide context for the evolving housing landscape in this zip code.
