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Affordable Housing in Zip Code 14094: LIHTC Funded Projects in Lockport, New York
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 14094 in Lockport, New York, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area has 233 total units in LIHTC funded projects, with 206 designated as low-income units. Based on the 2022 population of 50,140 and using the national average household size, there are approximately 19,211 housing units in this zip code. The LIHTC funded affordable housing comprises about 1.21% of the estimated housing inventory in zip code 14094.
The LIHTC projects in zip code 14094 have received $1,813,453 in tax credits, averaging $7,783 per unit in federal funding. This represents 0.09% of the total LIHTC funding allocated to New York state. Affordable housing has been present in this zip code for at least 15 years, with the first recorded LIHTC project, Urban Park Towers, completed in 2007, and the most recent, Lockport Canal Homes, finished in 2012. The 2010s saw the most affordable housing development, with three out of four projects completed during this decade.
The LIHTC funded projects in zip code 14094 offer a range of unit types. There are 62 one-bedroom units, 76 two-bedroom units, and 77 three-bedroom units, catering to various household sizes and needs.
Over the past decade, the population in zip code 14094 has remained relatively stable, fluctuating between 49,504 and 50,559. The median income has shown an overall upward trend, increasing from $58,111 in 2013 to $65,140 in 2022, with a peak of $70,546 in 2021.
Racial demographics in zip code 14094 have shifted slightly, with the white population decreasing from 89% in 2014 to 84% in 2022. There has been a small increase in the Black population (from 4% to 6%) and those identifying as two or more races (from 1% to 5%) during this period. The Hispanic population has remained steady at around 3-4%. These demographic changes, particularly the increase in median income, may have influenced the lack of new LIHTC projects since 2012. However, the slight diversification of the population might indicate a potential need for future affordable housing initiatives.
Zip code 14094 in Lockport, New York, has a modest LIHTC funded affordable housing presence, covering about 1.21% of the estimated housing inventory. The area has received nearly $1.8 million in tax credits for these projects, which were primarily developed between 2007 and 2012. The population has remained stable, with notable increases in median income and slight shifts in racial demographics over the past decade. These factors may have influenced the recent lack of new LIHTC developments in the area.
