Loading Content...
Affordable Housing Analysis in Zip Code 14608: LIHTC Investments and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 14608 in Rochester, New York, contains a substantial Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area encompasses 687 total units in LIHTC funded projects, with 672 designated as low-income units. Based on the 2022 population of 13,158 and an estimated 5,041 housing units, LIHTC funded affordable housing comprises approximately 13.6% of the zip code's housing inventory.
The LIHTC projects in zip code 14608 have received $6,478,974 in project tax credits, averaging about $9,430 in federal funding per unit. This zip code holds 0.31% of New York State's total LIHTC funding, indicating a notable concentration of affordable housing investment in this area.
The first LIHTC project in this zip code, 444 W Main St, was completed in 1989, while the most recent, Stadium Estates - Phase II, was finished in 2019. This 30-year span demonstrates a long-standing commitment to affordable housing in the area. The 2010s saw the most LIHTC project completions, with notable developments including the Mills At High Falls Phase II and Voters Block Community in 2011, and the Carriage Factory Special Needs Apartments in 2014.
The LIHTC funded housing stock in zip code 14608 is diverse, comprising 37 efficiencies, 162 one-bedroom, 145 two-bedroom, 83 three-bedroom, and 44 four-bedroom units. This variety caters to different household sizes and needs within the community.
One notable project is the Carriage Factory Special Needs Apartments, completed in 2014, which targets individuals with mental illness. This specialized housing addresses the unique needs of a vulnerable population, potentially offering supportive services alongside affordable housing.
Over the past decade, zip code 14608 has experienced fluctuations in population, with a slight overall increase from 12,731 in 2010 to 13,158 in 2022. The median income has shown a significant upward trend, rising from $22,333 in 2013 to $29,035 in 2022. This increase in median income might suggest an improving economic situation for some residents, but it also underscores the ongoing need for affordable housing options.
The racial demographics of zip code 14608 have shifted notably. The Black population decreased from 66% in 2013 to 52% in 2022, while the White population increased from 16% to 24% over the same period. The Hispanic population remained relatively stable, increasing slightly from 11% to 12%. These demographic changes may influence the demand for affordable housing and the types of services needed in LIHTC funded projects.
Zip code 14608 in Rochester, New York, demonstrates a substantial commitment to affordable housing through its LIHTC funded inventory. With 13.6% of the estimated housing stock dedicated to affordable units, the area is approaching the target range of 15-20% for a well-balanced community. The diverse unit types and the presence of specialized housing for individuals with mental illness indicate efforts to meet varied housing needs. While the area has seen economic improvements as reflected in rising median incomes, the continued development of LIHTC projects through 2019 suggests an ongoing demand for affordable housing options amidst changing demographics.
