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Affordable Housing in Honeoye Falls: LIHTC Impact on a Small New York Village
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Honeoye Falls in New York state possesses a modest Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The village contains 90 affordable housing units, with 4 units specifically designated as low-income. Based on the 2022 population of 3,051 and an estimated 1,169 housing units, LIHTC-funded affordable housing comprises approximately 7.7% of the village's estimated housing inventory.
The village has received $430,754 in project tax credits through the LIHTC program. With approximately 2 projects, this equates to an average federal funding of $215,377 per project. When divided by the total number of units, it amounts to about $4,786 per unit in federal funding. Honeoye Falls accounts for 0.02% of the total state LIHTC funding.
The initial LIHTC project in Honeoye Falls, Pinehurst North Apartments, was completed in 1991, while the most recent project, Seneca Place Apts, was finished in 2007. This indicates that affordable housing has been present in the village for over 16 years.
The 2000s saw the most recent affordable housing development in Honeoye Falls. The LIHTC-funded projects in the village consist of 17 one-bedroom units, 65 two-bedroom units, and 8 three-bedroom units, providing a mix of housing options for different household sizes.
Over the past decade, Honeoye Falls has experienced a slight population increase, growing from 2,930 in 2015 to 3,051 in 2022. The median income has also risen, from $84,118 in 2015 to $90,138 in 2022, indicating overall economic growth in the village.
The racial composition of Honeoye Falls has remained relatively stable, with a predominantly white population (97% in 2022). There has been a small increase in diversity, with slight growth in the Asian, Black, and multiracial populations.
Despite the population and income growth, no new LIHTC projects have been completed in the village since 2007. This could be due to various factors, including limited available land, changing local priorities, or the perception that current affordable housing stock is sufficient for the community's needs.
Honeoye Falls has a small but established LIHTC-funded affordable housing inventory, covering about 7.7% of the estimated housing stock. The village has received over $430,000 in tax credits for affordable housing projects, with two main developments completed between 1991 and 2007. While the population and median income have grown slightly in recent years, there have been no new LIHTC projects in over a decade. The existing affordable housing units provide a mix of one-, two-, and three-bedroom options, contributing to the village's housing diversity.
