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Affordable Housing in Zip Code 14120: Two Decades of LIHTC Development in North Tonawanda, New York
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 14120, located in North Tonawanda, New York, has a presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The zip code area covers 34.32 square miles and had a population of 44,719 in 2022. The LIHTC program has funded 388 affordable housing units in this zip code, with 315 designated as low-income units. Based on the estimated housing inventory of 17,134 units, the LIHTC-funded affordable housing comprises approximately 2.26% of the zip code's housing stock.
The LIHTC projects in zip code 14120 have received $1,889,117 in tax credits, averaging $4,869 in federal funding per unit. This zip code holds 0.09% of the total state LIHTC funding, contributing to New York's affordable housing efforts.
Affordable housing has been present in this zip code for over two decades. The first LIHTC project, Willow Avenue, was completed in 2000, while the most recent addition, Grant Street Apartments, was finished in 2020. The 2000s saw the most activity in affordable housing development, with four projects completed during this decade: Elizabeth C Harvey Apts (2003), Canterbury Gardens (2004), Carousel Park Apts (2005), and Shawnee Landing Townhomes (2008).
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The LIHTC-funded housing in zip code 14120 offers various unit types. Out of the 388 total units, there are 39 efficiencies, 245 one-bedroom units, 42 two-bedroom units, 32 three-bedroom units, and 12 four-bedroom units. This distribution indicates a focus on accommodating smaller households and individuals.
Over the past decade, the zip code's population has remained relatively stable, with slight fluctuations. The median income has shown an overall upward trend, increasing from $61,753 in 2013 to $74,458 in 2022. This rise in median income may indicate a growing need for affordable housing options to maintain economic diversity in the area.
The racial composition of zip code 14120 has remained predominantly white, consistently above 90% throughout the past decade. However, there has been a slight increase in diversity, with small growth in the Asian, Black, Hispanic, and multi-racial populations. The most recent LIHTC project, completed in 2020, may have been a response to this increasing diversity and the need for more inclusive housing options.
Zip code 14120 has a modest LIHTC-funded affordable housing presence, covering about 2.26% of the estimated housing stock. The area has seen consistent development of affordable housing over two decades, with the most recent project completed in 2020. The diverse unit types cater to various household sizes, reflecting the community's needs. While the population has remained stable, the rising median income and slight increase in racial diversity suggest an ongoing need for affordable housing options to maintain a balanced and inclusive community.
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