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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Outer Comstock, a neighborhood in Syracuse, New York, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory consists of 598 total units, with 508 designated as low-income units. Based on the 2022 population of 5,749 and an estimated 2,203 housing units, the LIHTC funded affordable housing covers approximately 27.1% of the neighborhood's estimated housing inventory, indicating a substantial contribution to affordable housing needs.
The LIHTC program has invested $1,252,964 in tax credits for affordable housing in Outer Comstock. This translates to an average federal funding of $2,095 per unit across all LIHTC-funded projects in the neighborhood. The notable project in the area is Brighton Towers, completed in 2015, which represents the entirety of the LIHTC-funded housing in Outer Comstock.
The housing mix in Brighton Towers is diverse, consisting of 149 efficiencies, 448 one-bedroom units, and 1 two-bedroom unit. This distribution suggests a focus on accommodating smaller households and potentially seniors or single individuals.
Over the last decade, Outer Comstock's population has slightly decreased from 5,835 in 2013 to 5,749 in 2022. Despite this minor decline, the median income has shown an overall upward trend, rising from $34,796 in 2013 to $43,237 in 2022, with some fluctuations in between.
The racial composition of the neighborhood has remained relatively stable, with some minor shifts. The white population has maintained a majority, slightly increasing from 54% in 2013 to 56% in 2022. The Black population has remained relatively consistent, moving from 23% in 2013 to 22% in 2022. There has been a slight increase in the Hispanic population, growing from 4% in 2013 to 8% in 2022, while the Asian population has decreased from 12% to 10% during the same period.
The completion of Brighton Towers in 2015 coincides with a period of demographic stability in the neighborhood. The steady income growth and relatively consistent racial composition suggest that the LIHTC project has been integrated into a neighborhood with gradually improving economic conditions while maintaining diversity.
Outer Comstock's LIHTC-funded affordable housing, primarily represented by Brighton Towers, plays a significant role in the neighborhood's housing landscape, covering over a quarter of the estimated housing inventory. The project's diverse unit mix caters to various household sizes, with a focus on smaller units. Despite a slight population decrease, the neighborhood has experienced income growth and maintained racial diversity over the past decade, coinciding with the presence of LIHTC housing. This analysis suggests that the LIHTC program has made a substantial contribution to affordable housing in Outer Comstock, aligning with demographic trends and potentially supporting the neighborhood's economic stability.