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Affordable Housing Impact in North Valley, Syracuse: Two Decades of LIHTC Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
North Valley, a neighborhood in Syracuse, New York, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 172 total units, with 166 designated as low-income units. Based on the 2022 population of 6,375 and using the national average household size of 2.61, the estimated number of housing units in the neighborhood is approximately 2,443. The LIHTC funded affordable housing represents about 7% of the estimated housing inventory in North Valley.
The LIHTC projects in North Valley have received $866,757 in project tax credits, translating to an average federal funding of approximately $5,040 per unit. The neighborhood has experienced consistent development of affordable housing over two decades. The first LIHTC project, Joslyn Court I, was completed in 1995, while the most recent, Valley Vista Apartments, was finished in 2015, indicating a 20-year span of affordable housing development in the area.
The 2010s saw the most substantial affordable housing development, with Valley Vista Apartments contributing significantly to the inventory. This project alone added 124 units, of which 118 are low-income units, marking a considerable expansion of affordable housing options in North Valley.
The LIHTC inventory in North Valley offers a diverse range of unit types. The breakdown includes 14 one-bedroom units, 46 two-bedroom units, 12 three-bedroom units, and 1 four-bedroom unit. This variety caters to different household sizes and needs within the low-income population.
Over the past decade, North Valley has experienced demographic shifts. The population has remained relatively stable, fluctuating between 6,100 and 6,700 residents. Median income has shown volatility, ranging from a low of $27,226 in 2016 to a high of $49,120 in 2021. This fluctuation may indicate changing economic conditions that could influence the need for affordable housing.
Racial demographics have also evolved. The Black population has slightly decreased from 47% in 2013 to 44% in 2022, while the White population has increased from 38% to 41% over the same period. The Hispanic population has grown from 2% to 9%, suggesting increasing diversity in the neighborhood.
North Valley's LIHTC funded affordable housing inventory represents a significant contribution to the neighborhood's housing stock, covering approximately 7% of the estimated housing units. The area has seen consistent development of affordable housing over two decades, with the most substantial growth occurring in the 2010s. The diverse unit types offered cater to various household sizes within the low-income population. Demographic shifts have occurred, including fluctuations in median income and changes in racial composition, while the presence of LIHTC projects indicates an ongoing commitment to providing affordable housing options in this Syracuse neighborhood.
