Elmwood, a neighborhood in Syracuse, New York, contains 42 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units, all designated as low-income, constitute a significant portion of the neighborhood's affordable housing inventory. With a 2022 population of 2,150 and an estimated 824 housing units, the LIHTC-funded units represent approximately 5.1% of Elmwood's housing stock. This percentage indicates that while LIHTC-funded housing contributes to affordable housing availability, it may not meet the typical 15-20% target for a balanced community.

The LIHTC program has invested $26,051 in tax credits for affordable housing projects in Elmwood, averaging $620 in federal tax credits per unit. This investment demonstrates a commitment to creating affordable housing options in the neighborhood. Seneca Gardens, the sole LIHTC-funded project in Elmwood, was completed in 1994, providing nearly three decades of housing stability for low-income residents. The project offers a mix of unit types, including 2 one-bedroom units and 4 two-bedroom units, catering to various household sizes within the low-income population.

Elmwood's population has remained relatively stable over the past decade, fluctuating between 2,054 and 2,197 residents. The median income has shown significant variability, ranging from $44,890 in 2019 to $76,247 in 2021, potentially indicating changing economic conditions or demographic shifts. Racial demographics have evolved, with the Black population increasing from 44% in 2019 to 53% in 2022, while the White population decreased from 40% to 34% during the same period. The Hispanic population has remained relatively stable at 6-8%. These demographic shifts may influence the ongoing need for affordable housing in the neighborhood.