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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 14612 in Rochester, New York, exhibits a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area contains 876 units in LIHTC-funded projects, with 714 designated as low-income units. Based on the estimated housing inventory of 12,736 units for the zip code, LIHTC-funded affordable housing comprises approximately 6.9% of the total housing stock. This indicates that LIHTC projects are a substantial contributor to affordable housing options in the area.
LIHTC projects in this zip code have received $1,266,355 in project tax credits, averaging about $1,446 per unit in federal funding. This zip code accounts for 0.06% of the total LIHTC funding allocated to New York State, representing a modest but meaningful contribution to the state's affordable housing efforts.
Affordable housing has been present in this zip code since 1996, with the most recent project completed in 2014, spanning nearly two decades of development. The 1990s saw the completion of two projects: St Bernard's Apts I and II in 1996 and 1998 respectively. The 2000s brought the Charlotte Lake River Homes in 2007, while the most recent addition was the Greece Seniors project in 2014.
The LIHTC-funded housing in this zip code offers a range of unit types. Out of the 876 total units, there are 171 efficiencies, 516 one-bedroom units, 161 two-bedroom units, 22 three-bedroom units, and 6 four-bedroom units. This distribution suggests a focus on accommodating smaller households and potentially senior citizens.
Over the past decade, the zip code has experienced slight fluctuations in population, with an increase from 32,572 in 2014 to 33,241 in 2022. The median income has shown an overall upward trend, rising from $67,083 in 2014 to $69,120 in 2022, with some fluctuations in between.
Racial demographics have shifted slightly, with the white population decreasing from 86% in 2014 to 77% in 2022. There have been small increases in the Black population (from 6% to 10%), Hispanic population (from 4% to 7%), and those identifying as two or more races (from 1% to 4%). These demographic changes may indicate an increasing need for diverse and affordable housing options in the area.
The zip code 14612 in Rochester, New York, demonstrates a significant presence of LIHTC-funded affordable housing, representing about 6.9% of the estimated housing stock. The area has seen consistent development of affordable housing projects over nearly two decades, with a diverse range of unit types available. While the population has remained relatively stable, shifts in racial demographics and a gradual increase in median income suggest evolving housing needs in the community. The LIHTC program has played a crucial role in providing affordable housing options in this zip code, contributing to the area's housing diversity and accessibility.