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Affordable Housing Analysis: LIHTC Project in Zip Code 13077, Homer, New York
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 13077 in Homer, New York, contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project, named Ellis Pines Senior Apartments, provides 24 low-income units. The zip code area is 69.08 square miles with a population of 6,728 as of 2022.
The LIHTC project represents approximately 0.93% of the estimated 2,578 housing units in the zip code. The project received $281,252 in tax credits, averaging $11,719 per unit. This allocation constitutes 0.01% of New York state's total LIHTC funding.
Ellis Pines Senior Apartments, completed in 2007, has been operational for over 15 years. The project consists of 21 one-bedroom and 3 two-bedroom apartments, suggesting a focus on smaller households, particularly seniors.
The zip code's population decreased from 7,032 in 2013 to 6,728 in 2022. Despite this decline, the median income increased from $66,312 in 2013 to $70,959 in 2022, indicating improved economic conditions.
The racial composition of zip code 13077 has remained predominantly white, comprising 94% of the population in 2022. A slight increase in diversity occurred, with the Asian population growing from 1% in 2016 to 3% in 2022, while the Hispanic population remained stable at 1-2% throughout the decade.
In conclusion, the LIHTC funded affordable housing in zip code 13077 consists of one project serving the community for over 15 years. It provides targeted support for low-income residents, particularly seniors, despite representing a small portion of the overall housing stock. The area has experienced slight population decline but improved median income over the past decade, with minimal changes in racial composition. This LIHTC project continues to contribute to housing affordability in a community that has seen economic growth.
