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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Grant Ferry, a neighborhood in Buffalo, New York, had a population of 7,985 in 2022. The area contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, providing 46 units, with 39 designated as low-income. This project represents approximately 1.5% of the neighborhood's estimated 3,059 housing units.
The LIHTC project in Grant Ferry, named Mass Ave Community Homes, was completed in 2015 and received $858,000 in tax credits. This equates to an average federal funding of $18,652 per unit. The project offers a variety of unit sizes, including 13 one-bedroom, 12 two-bedroom, 2 three-bedroom, and 1 four-bedroom units, catering to diverse household needs.
Demographic trends from 2015 to 2022 show that Grant Ferry's population increased slightly from 7,772 to 7,985. The median income grew significantly, rising from $37,273 in 2015 to $59,300 in 2022, an increase of nearly 59%. Racial distribution also changed, with the white population increasing from 44% to 51%, the Black population decreasing from 23% to 18%, the Hispanic population remaining stable at 16%, and the Asian population slightly decreasing from 12% to 11%.
Grant Ferry's affordable housing landscape is characterized by a single LIHTC project, Mass Ave Community Homes, completed in 2015. This project provides 46 units, with 39 designated as low-income, covering about 1.5% of the estimated housing inventory. The project received significant federal funding, averaging $18,652 per unit.
The neighborhood has experienced substantial income growth and demographic shifts since 2015, despite the addition of affordable housing. The median income has increased by 59%, and there has been a notable increase in the white population percentage. These trends suggest a changing socioeconomic landscape in Grant Ferry, which may influence future affordable housing needs and development in the area.