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Affordable Housing in Zip Code 13416: A Stable Community with Limited LIHTC Presence
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 13416, encompassing Newport in New York state, has a population of 2,472 as of 2022. This area contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, which provides 10 units, including 1 low-income unit. The LIHTC-funded housing represents approximately 1.06% of the estimated 947 housing units in the zip code.
The LIHTC program has allocated $74,827 in tax credits for affordable housing in zip code 13416, averaging $7,483 per unit. The single LIHTC project, Hillside Terrace Apts, was completed in 2004 and has been operational for nearly two decades. This development offers a mix of unit sizes, comprising 2 one-bedroom units, 6 two-bedroom units, and 2 three-bedroom units, catering to diverse household compositions.
The population in zip code 13416 has remained relatively stable over the past decade, fluctuating between 2,400 and 2,600 residents. The median income has shown an upward trend, increasing from $54,245 in 2017 to $62,506 in 2022, representing a 15% rise over five years. This growth may indicate improving economic conditions in the area.
The racial composition of zip code 13416 has been predominantly white, consistently accounting for 96-98% of the population throughout the past decade. Other racial groups, including Black and Hispanic populations, have each consistently represented about 1% of the total population, with minimal changes in representation over time.
The stable population and increasing median income in zip code 13416 may contribute to a perceived lower demand for additional low-income housing units, potentially explaining the limited expansion of LIHTC-funded affordable housing in recent years. However, it is important to note that other affordable housing programs not captured in this data may also be serving the community's needs.
In summary, zip code 13416 in Newport, New York, features a single LIHTC-funded affordable housing project, Hillside Terrace Apts, which has been operational since 2004. This project provides 10 units of affordable housing, including one designated low-income unit, representing a small portion of the estimated housing inventory. The area has experienced stable population levels and increasing median income over the past decade, which may influence the perceived need for additional affordable housing development. The racial composition has remained predominantly white, with minimal changes in diversity. This analysis provides an objective view of the LIHTC-funded affordable housing landscape in this zip code, while acknowledging that other housing programs may also contribute to meeting the community's affordable housing needs.
