Loading Content...
Affordable Housing in Syracuse's Near Eastside: LIHTC's Impact on a Changing Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Near Eastside neighborhood of Syracuse, New York, exhibits a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area contains 550 total units in LIHTC funded projects, with 487 designated as low-income units. Based on the 2022 population of 2,975 and utilizing the national average household size, the estimated housing inventory for the neighborhood is approximately 1,140 units. The LIHTC funded affordable housing comprises about 48.2% of the estimated housing inventory, indicating a substantial contribution to the neighborhood's affordable housing needs.
The LIHTC program has made considerable investments in the Near Eastside, with project tax credits totaling $4,375,587. This equates to an average federal funding of approximately $7,956 per unit in LIHTC funded projects. The neighborhood has experienced consistent development of affordable housing over time, with projects dating back to 1992. The earliest recorded projects, including "1510 E Genesee St" and "1603 E Genesee St," were completed in 1992, while more recent developments such as "Roosevelt & Hillside Apts" and "Vankeuren Square 1" were finished in 2013.
The 1990s witnessed the highest number of affordable housing project completions, with seven projects constructed during this decade. Notable projects from this period include "Housing Visions Group III" (1995), "Westcott Heights" (1996), and "Housing Visions Group VII" (1999). The LIHTC funded projects in the Near Eastside offer a range of unit types. Of the 550 total units, there are 14 efficiencies, 75 one-bedroom units, 268 two-bedroom units, 155 three-bedroom units, and 38 four-bedroom units. This distribution indicates a focus on accommodating various family sizes, with an emphasis on two and three-bedroom units.
Over the past decade, the Near Eastside has undergone demographic changes. The population has remained relatively stable, fluctuating between 2,700 and 3,000 residents. However, the median income has shown a significant increase, rising from $16,648 in 2017 to $30,553 in 2022. This increase in income levels may indicate a changing economic landscape in the neighborhood.
Racial demographics have also evolved. The percentage of White residents increased from 32% in 2017 to 44% in 2022, while the Black population decreased from 34% to 25% during the same period. The Hispanic population experienced a modest increase from 13% to 18%. These shifts in racial composition and income levels may influence future affordable housing needs and development in the area.
The Near Eastside neighborhood of Syracuse demonstrates a substantial commitment to affordable housing through LIHTC funded projects. With nearly half of the estimated housing inventory composed of affordable units, the area has made significant progress in addressing low-income housing needs. The consistent development of affordable housing projects since the early 1990s, coupled with a diverse range of unit types, suggests a long-term strategy to accommodate various household sizes and needs. As the neighborhood continues to evolve demographically and economically, ongoing assessment of affordable housing requirements will be essential to maintain a balanced and inclusive community.
