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Affordable Housing in Zip Code 13035: LIHTC-Funded Carriagehouse Village Apartments
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 13035, located in Cazenovia, New York, contains a total of 42 affordable housing units funded by the Low-Income Housing Tax Credit (LIHTC) program. These units are all designated as low-income units. The zip code covers an area of 72.35 square miles and had a population of 8,297 in 2022. Based on the estimated housing inventory of 3,179 units, the LIHTC-funded affordable housing represents approximately 1.32% of the zip code's housing stock.
The LIHTC program has invested $1,103,661 in tax credits for affordable housing projects in this zip code. This equates to an average federal funding of $26,278 per unit. Zip code 13035 accounts for 0.05% of the total LIHTC funding allocated to New York state. The Carriagehouse Village Apartments, completed in 2017, is the only LIHTC-funded project in this zip code, marking the introduction of LIHTC-funded affordable housing in the area.
The Carriagehouse Village Apartments consists of 39 one-bedroom units and 3 two-bedroom units, primarily serving individuals or small families. The absence of larger units indicates a focus on smaller household sizes in this community.
Demographic trends in zip code 13035 show some changes over the past decade. The population increased from 7,138 in 2019 to 8,297 in 2022, suggesting growing housing demand. Median income fluctuated, rising from $84,439 in 2019 to $87,138 in 2021, then decreasing to $83,393 in 2022, indicating relative economic stability with some variability.
The racial distribution has remained largely consistent, with a slight decrease in the white population from 91% in 2019 to 90% in 2022. There has been a small increase in diversity, with Asian and multiracial populations each growing to 2% by 2022. The introduction of LIHTC-funded housing in 2017 coincides with a period of population growth and changing median income, potentially addressing an emerging need for affordable housing options in an area with evolving economic conditions.
Zip code 13035 in Cazenovia, New York, has one LIHTC-funded affordable housing project providing 42 low-income units. This represents a small percentage of the estimated housing stock but is a significant step in addressing affordable housing needs. The project's focus on one and two-bedroom units aligns with the area's demographics and housing trends. As the community continues to grow and diversify, ongoing assessment of affordable housing needs will be essential to ensure adequate housing options for all residents.
