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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Rotterdam, located in New York state with zip code 12303, has a significant LIHTC funded affordable housing inventory. The zip code area contains 140 total affordable housing units, all of which are designated as low-income units. Based on the 2022 population of 28,338 and an estimated 10,857 housing units, the LIHTC funded affordable housing covers approximately 1.29% of the estimated housing inventory in this zip code.
The LIHTC program has invested $1,305,959 in tax credits for affordable housing projects in this zip code. This translates to an average federal funding of $9,328 per unit. Notably, this zip code accounts for 0.06% of the total LIHTC funding allocated to New York state.
Affordable housing has been a part of this community for over two decades. The first LIHTC project, Guilderland Senior Housing, was completed in 2000, while the most recent project, 845 Broadway Apts, was finished in 2014. The early 2000s saw the most activity in affordable housing development, with three projects completed between 2000 and 2003.
The LIHTC funded housing stock in this zip code consists primarily of one-bedroom and two-bedroom units. There are 69 one-bedroom units and 35 two-bedroom units, catering to various household sizes and needs.
Over the past decade, the population in this zip code has shown some fluctuation but has remained relatively stable, decreasing slightly from 29,028 in 2013 to 28,338 in 2022. During this period, the median income has increased from $71,575 in 2013 to $77,733 in 2022, indicating a growing economic prosperity in the area.
The racial composition of the zip code has remained fairly consistent, with a slight decrease in the white population from 74% in 2013 to 68% in 2022. There has been a small increase in diversity, with slight growth in the Asian, Hispanic, and multi-racial populations. The black population has remained stable at around 9-10% throughout this period.
No new LIHTC projects have been completed since 2014. This could be related to the increasing median income and relatively stable population, suggesting that the demand for additional low-income housing may have lessened in recent years.
The zip code 12303 in Rotterdam, New York, has a modest LIHTC funded affordable housing inventory, covering about 1.29% of the estimated housing stock. The area has seen consistent investment in affordable housing over two decades, with projects completed between 2000 and 2014. The housing stock primarily consists of one and two-bedroom units, catering to various household sizes. While the population has remained relatively stable over the past decade, there has been an increase in median income and a slight increase in racial diversity. These demographic shifts may have influenced the lack of new LIHTC projects since 2014, potentially indicating a changing landscape of housing needs in the area.