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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 13165, which encompasses Waterloo, New York, provides a case study in affordable housing implementation. The Low-Income Housing Tax Credit (LIHTC) program has funded 46 total units in this area, with 28 designated as low-income units. Of the estimated 3,767 housing units in the zip code, LIHTC-funded affordable housing comprises approximately 1.22% of the total housing inventory, indicating a small contribution to the area's affordable housing stock.
The LIHTC program has invested $452,050 in tax credits for affordable housing projects in zip code 13165. This equates to an average federal funding of $9,827 per unit, considering all 46 units in LIHTC-funded projects. Zip code 13165 accounts for 0.02% of the total LIHTC funding allocated to New York state.
Two LIHTC projects have been completed in this zip code: Elizabeth Crossings in 2007 and Waterloo Heights in 2010. This indicates that affordable housing initiatives through LIHTC have been present in the area for over a decade. The 2000s saw the most activity in LIHTC-funded affordable housing construction in this zip code.
The housing mix in these projects includes 28 one-bedroom units, 2 two-bedroom units, and 16 three-bedroom units. This range of unit sizes suggests an effort to accommodate various household sizes and needs within the affordable housing stock.
Over the past decade, zip code 13165 has experienced a gradual decline in population, from 10,564 in 2014 to 9,833 in 2022. Despite this decrease, median income has shown an overall upward trend, rising from $52,589 in 2014 to $55,790 in 2022, with some fluctuations in between.
The racial composition of the area has remained relatively stable, with a slight decrease in the white population from 95% in 2014 to 89% in 2022. There has been a small increase in Hispanic residents, from 1% to 5% during the same period. The area has maintained a low percentage of Asian, Black, and Native American residents throughout the decade.
These demographic trends, particularly the declining population and increasing median income, may partially explain the lack of new LIHTC projects in recent years. The changing demographics might suggest a shift in housing needs or potentially reduced demand for additional affordable housing units in this specific zip code.
The LIHTC program has made a modest contribution to the affordable housing stock in zip code 13165, funding 46 units across two projects completed in the late 2000s. While this represents a small percentage of the estimated total housing units, it provides affordable options for low-income residents. The demographic trends over the past decade, including a declining population and rising median income, may have influenced the lack of recent LIHTC developments in the area. However, the existing LIHTC-funded units continue to play a role in maintaining some level of affordable housing options in this zip code.