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Affordable Housing in Cold Spring, Buffalo: LIHTC Project Impacts Neighborhood Dynamics
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Cold Spring, a neighborhood in Buffalo, New York, features a Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. The neighborhood contains one LIHTC-funded development, Bellamy Commons, which provides 30 affordable housing units, including 3 low-income units. Given an estimated housing inventory of 479 units, LIHTC-funded affordable housing comprises approximately 6.3% of the neighborhood's housing stock.
The LIHTC project in Cold Spring received $513,269 in tax credits, resulting in an average federal funding of $17,109 per unit. Bellamy Commons, completed in 2016, is the only LIHTC-funded project in the neighborhood and has been offering affordable housing options for about 7 years.
The unit distribution in Bellamy Commons consists of 18 one-bedroom and 12 two-bedroom units. This composition indicates a focus on accommodating smaller households or individuals in the neighborhood's affordable housing inventory.
Cold Spring has undergone significant demographic changes over the past decade. The population has fluctuated, with a notable increase from 892 in 2019 to 1,250 in 2022. This population growth may indicate an increasing demand for housing, including affordable options.
The median income in Cold Spring has shown an upward trend, increasing from $33,265 in 2018 to $48,487 in 2022. Despite this increase, the presence of LIHTC-funded housing suggests a continued need for affordable options in the neighborhood.
Racial demographics in Cold Spring have remained relatively stable over the past decade, with the Black population consistently representing the majority (95% in 2022). This demographic consistency may influence the types of community services and support needed in conjunction with affordable housing initiatives.
Cold Spring's affordable housing landscape is characterized by a single LIHTC-funded project, Bellamy Commons, which contributes to the neighborhood's housing diversity. While the project provides 30 units, it covers a relatively small portion of the estimated housing inventory. The neighborhood has experienced population growth and increasing median income in recent years, which may impact future affordable housing needs. The stable racial demographics suggest a consistent community profile that could inform ongoing housing and support service strategies.
