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Affordable Housing Impact in Zip Code 13601: Three Decades of LIHTC Investment in Watertown, NY
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 13601 in Watertown, New York, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area encompasses 1,024 total units in LIHTC-funded projects, with 747 of these designated as low-income units. Based on the 2022 population of 37,004 and an estimated 14,178 housing units in the zip code, the LIHTC-funded affordable housing represents approximately 7.2% of the estimated housing inventory.
The LIHTC program has invested substantially in this zip code, with project tax credits totaling $8,530,208. This translates to an average federal funding of about $8,330 per unit across all LIHTC-funded projects. Notably, this zip code accounts for 0.4% of the total LIHTC funding allocated to New York State, indicating a significant concentration of affordable housing investment in this area.
The LIHTC program has supported affordable housing in this zip code for over three decades. The earliest recorded project, Kelsey Creek Apartments, was completed in 1991, while the most recent documented project, Black River Apartments, was finished in 2017. The decade with the most affordable housing projects completed was the 2010s, with notable developments including the Franklin Building (2011), Creekwood Phase I (2013), and Woolworth Apartments (2015).
The LIHTC-funded housing stock in this zip code offers a diverse range of unit types. Out of the 1,024 total units, there are 46 efficiencies, 515 one-bedroom units, 300 two-bedroom units, 155 three-bedroom units, and 8 four-bedroom units. This distribution suggests a focus on accommodating various household sizes, with a predominance of smaller units.
Over the past decade, the zip code has experienced a slight population decline, from 38,569 in 2014 to 37,004 in 2022. Despite this decrease, the median income has risen from $47,977 in 2014 to $54,834 in 2022, indicating an improving economic situation for some residents. The racial composition has remained relatively stable, with a slight increase in diversity. The white population decreased marginally from 83% in 2014 to 80% in 2022, while there were small increases in Asian, Black, and multiracial populations.
The 13601 zip code in Watertown, NY, demonstrates a substantial commitment to affordable housing through the LIHTC program. With 747 low-income units representing about 7.2% of the estimated housing inventory, the area has made progress towards meeting affordable housing needs. The diverse unit mix and consistent development over three decades reflect ongoing efforts to address various housing requirements. While the population has slightly decreased, rising median incomes and increasing diversity suggest evolving demographic needs that may continue to shape affordable housing strategies in this area.
