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Affordable Housing Analysis in Zip Code 14845: Biltmore Crossing and LIHTC Impact
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 14845, located in Big Flats, New York, contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project, named Biltmore Crossing, provides 56 units, all of which are designated as low-income units. The estimated housing inventory for this zip code is approximately 8,393 units, based on the 2022 population of 21,907 and the national average household size of 2.61. The LIHTC-funded affordable housing units constitute about 0.67% of the estimated housing inventory in zip code 14845.
The LIHTC project in zip code 14845 received $715,557 in tax credits, averaging $12,778 per unit in federal funding. This funding represents 0.03% of the total LIHTC credits allocated to New York State. Biltmore Crossing, completed in 2015, is the only LIHTC project in this zip code, marking the introduction of LIHTC-funded affordable housing in the area.
The project comprises 16 one-bedroom units, 32 two-bedroom units, and 8 three-bedroom units, offering a range of housing options for different household sizes. This distribution indicates a focus on accommodating small to medium-sized families within the affordable housing development.
The population in zip code 14845 has remained relatively stable over the past decade, fluctuating between 20,836 and 22,130 residents. The median income has shown a slight downward trend, decreasing from $73,378 in 2017 to $67,733 in 2022. This decline in median income may indicate an increasing need for affordable housing options in the area.
Racial demographics in zip code 14845 have remained predominantly white, with a slight decrease from 91% in 2016 to 88% in 2022. There has been a small increase in diversity, with slight growth in the Asian, Black, and Hispanic populations, as well as those identifying as two or more races. This gradual shift in demographics may suggest a growing need for diverse housing options to accommodate different cultural preferences and family structures.
The LIHTC-funded affordable housing in zip code 14845 consists of a single project, Biltmore Crossing, which provides 56 low-income units. This represents a small percentage of the estimated housing inventory but marks an important step in addressing affordable housing needs in the area. The project's mix of unit sizes offers options for various household compositions. Recent trends in median income and increasing diversity in the population suggest that continued attention to affordable housing needs may be warranted in zip code 14845.
