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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 14626, encompassing Greece in New York, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 214 total affordable units, all of which are categorized as low-income units. The LIHTC-funded projects contribute to approximately 1.87% of the estimated 11,415 housing units in the zip code.
The LIHTC program has allocated $1,302,913 in tax credits to projects in zip code 14626, averaging about $6,088 in federal funding per unit. This allocation represents 0.06% of the total LIHTC funding for New York state, indicating a modest investment in affordable housing for this specific area.
Affordable housing has been present in this zip code for over two decades. The initial LIHTC project, Ada-Ridge Court, was completed in 2001, while the most recent, Cornerstone Pointe, was finished in 2018. The 2010s saw the highest activity in affordable housing development, with three out of the four projects completed during this decade.
The inventory primarily consists of one-bedroom units (154) and two-bedroom units (24), suggesting a focus on smaller households or individuals. Long Pond Senior Housing, completed in 2015, targets the frail elderly population, addressing the specific needs of this demographic group.
Over the past decade, the zip code has experienced slight fluctuations in population, with a general trend towards stability. The median income has shown a gradual increase from $65,901 in 2013 to $73,091 in 2022, indicating improving economic conditions for residents.
Racial demographics have shifted somewhat, with the white population decreasing from 87% in 2013 to 79% in 2022. There have been small increases in Asian, Black, and Hispanic populations, indicating growing diversity in the area.
The completion of Long Pond Senior Housing in 2015 and Cornerstone Pointe in 2018 aligns with these demographic shifts, potentially responding to changing housing needs within the community.
The LIHTC program has played a significant role in providing affordable housing options in zip code 14626. With four projects completed over two decades, the program has contributed 214 low-income units to the area's housing stock. The focus on one-bedroom and two-bedroom units, along with specialized housing for the frail elderly, reflects efforts to address diverse housing needs. While the LIHTC-funded units represent a small percentage of the total estimated housing units, they form an important component of the area's affordable housing landscape, contributing to the community's overall housing diversity and accessibility.