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Affordable Housing in Cazenovia Park: LIHTC's Impact on a Buffalo Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Cazenovia Park, a neighborhood in Buffalo, New York, features one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project, known as Ebenezer Square, provides 100 affordable units, including one low-income unit. The estimated housing inventory of Cazenovia Park is 3,528 units, with LIHTC funded affordable housing comprising approximately 2.8% of the neighborhood's housing stock.
The LIHTC program has invested $16,497,349 in tax credits for affordable housing in Cazenovia Park. This investment averages $164,973 per unit in federal funding. Ebenezer Square, completed in 2016, marks the introduction of LIHTC funded affordable housing in the area. The project consists of 96 one-bedroom units and 4 two-bedroom units, suggesting a focus on housing for smaller households or individuals.
Demographic trends in Cazenovia Park show a relatively stable population with a slight increase from 8,269 in 2013 to 9,207 in 2022. The median income has risen from $41,591 in 2013 to $53,890 in 2022, indicating improving economic conditions for residents. The racial distribution has remained predominantly white, with a slight decrease from 88% in 2013 to 85% in 2022, accompanied by small increases in Hispanic and multiracial populations.
The introduction of the LIHTC funded project in 2016 coincides with a period of population growth and increasing median income in the neighborhood. This timing suggests that the affordable housing project may have been implemented to maintain housing affordability in response to rising costs and growing demand.
Cazenovia Park's affordable housing landscape is characterized by a single LIHTC funded project, Ebenezer Square, providing 100 units of affordable housing. This project represents a small portion of the neighborhood's estimated housing stock but marks a significant investment in affordable housing for the area. The project's completion in 2016 aligns with demographic trends showing population growth and rising median incomes, potentially addressing the need for affordable options in an increasingly costly housing market. The predominance of one-bedroom units in the project indicates a focus on accommodating smaller households or individuals within the community.
