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Affordable Housing Analysis in Zip Code 14616: LIHTC Funded Units and Demographic Trends
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 14616 in Rochester, New York, contains 549 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units, all designated as low-income, represent approximately 5.31% of the estimated 10,342 total housing units in the zip code. The LIHTC projects in this area have received $1,359,484 in tax credits, averaging $2,476 in federal funding per unit. This funding accounts for 0.06% of the total state LIHTC funding.
The earliest LIHTC project completion date in zip code 14616 is 2006, with the Orchard Place (English Village) project. This indicates that LIHTC funded affordable housing has been present in the area for at least 17 years. The 2000s decade experienced the most significant affordable housing activity in this zip code.
The affordable housing inventory in zip code 14616 includes a diverse range of unit types: 191 one-bedroom units, 219 two-bedroom units, 12 three-bedroom units, and 28 four-bedroom units. This distribution suggests accommodation for various household sizes, with an emphasis on smaller families or individuals.
The population in zip code 14616 has remained relatively stable over the past decade, with minor fluctuations. The median income has shown an overall increasing trend, rising from $51,703 in 2015 to $56,876 in 2022. This increase may indicate a growing need for affordable housing options to support lower-income residents in an area with rising living costs.
Racial demographics in zip code 14616 have shifted slightly. The white population decreased from 83% in 2013 to 70% in 2022, while the Black, Hispanic, and Asian populations have increased. This diversification may suggest a need for culturally sensitive affordable housing options.
Zip code 14616 in Rochester, New York, has a significant LIHTC funded affordable housing presence, covering about 5.31% of the estimated housing stock. The area has received over $1.3 million in tax credits, demonstrating a commitment to providing affordable housing options. The diverse mix of unit types caters to various household sizes, while demographic trends suggest an ongoing need for affordable housing in a changing community. Continued monitoring of these trends will be crucial for addressing future affordable housing needs effectively in zip code 14616.
