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Affordable Housing in Zip Code 12866: LIHTC Funded Projects in Saratoga Springs
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 12866, located in Saratoga Springs, New York, contains 361 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units, with 304 designated as low-income units. This represents approximately 2.43% of the estimated 14,847 housing units in the zip code, based on the 2022 population of 38,751.
The LIHTC projects in zip code 12866 have received $2,120,158 in tax credits, averaging $5,872 per unit. This funding constitutes 0.1% of New York state's total LIHTC allocation, indicating a modest investment in affordable housing for this area.
Affordable housing development in this zip code spans over two decades. The initial LIHTC project, Saratoga West Apts, was completed in 2000, while the most recent, Embury Revitalization, was finished in 2010. This period saw the development of four LIHTC projects, with the 2000s being the most active decade for affordable housing construction in the area.
The LIHTC-funded housing stock in zip code 12866 comprises 72 efficiencies, 244 one-bedroom units, and 45 two-bedroom units. This distribution suggests a focus on accommodating smaller households and individuals.
Zip code 12866 experienced steady population growth over the past decade, increasing from 36,439 in 2013 to 38,751 in 2022, a growth of approximately 6.3%. This may indicate an increasing demand for housing, including affordable options.
The median income in zip code 12866 has generally trended upward, rising from $85,547 in 2013 to $91,913 in 2022, an increase of about 7.4% over the decade. This suggests a growing economy, which may impact the need for affordable housing for lower-income residents.
Racial demographics in zip code 12866 have remained relatively stable, with a slight decrease in the white population from 91% in 2013 to 87% in 2022. Small increases have occurred in Asian, Black, and Hispanic populations, as well as those identifying as two or more races. This gradual diversification may influence future affordable housing needs and planning.
The analysis of LIHTC-funded affordable housing in zip code 12866 reveals an established inventory of units, developed from 2000 to 2010. These units provide affordable options in an area with a growing population and rising median income. The diversity of unit types suggests an effort to meet varied housing needs within the community. As the area continues to grow and diversify, ongoing assessment of affordable housing needs will be crucial to ensure adequate housing options for all residents.
