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Affordable Housing in Zip Code 12202: Three Decades of LIHTC Investment in Albany, New York
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 12202 in Albany, New York, exhibits a substantial presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 275 total affordable housing units, all of which are designated as low-income units. Based on the 2022 population of 9,447 and an estimated 3,620 housing units in the zip code, LIHTC funded affordable housing comprises approximately 7.6% of the estimated housing inventory.
The LIHTC projects in this zip code have received $3,514,887 in tax credits, averaging about $12,781 per unit. This represents 0.17% of the total LIHTC funding allocated to New York State, indicating a notable concentration of affordable housing investment in this relatively small area.
The affordable housing presence in this zip code spans over three decades, with the earliest project, Barn Raisers Family Housing, completed in 1991, and the most recent known completion, Southend Revitalization 3, in 2013. The decade with the most affordable housing projects completed appears to be the 2000s, with notable projects such as Mansion Initiative (2006), Creighton Storey Homes (2007), and South End Revitalization (2009).
The LIHTC funded housing in this zip code offers a range of unit sizes. The inventory includes 91 one-bedroom units, 101 two-bedroom units, 61 three-bedroom units, and 13 four-bedroom units. This distribution suggests accommodation for various family sizes and needs within the affordable housing inventory.
Over the last decade, the zip code has experienced fluctuations in population, with a general trend towards slight decline from 2010 to 2022. The median income has shown a steady increase, rising from $31,347 in 2013 to $42,155 in 2022. This upward trend in income might partially explain the lack of new LIHTC projects since 2013, as the area's economic profile may have shifted.
Racial demographics have also evolved. The Black population percentage decreased from 58% in 2013 to 45% in 2022, while the White population increased from 26% to 28%. The Hispanic population grew from 8% to 14%, and the Asian population increased from 4% to 6%. These shifts suggest a gradual diversification of the area's racial composition.
Zip code 12202 in Albany demonstrates a substantial commitment to affordable housing through LIHTC funding, with 275 units representing about 7.6% of the estimated housing inventory. The area has seen consistent investment in affordable housing over three decades, with a particular focus in the 2000s. The diverse unit sizes cater to various household needs. The zip code's share of state LIHTC funding underscores its importance in New York's affordable housing landscape.
