Loading Content...
Affordable Housing in Zip Code 14517: LIHTC Funded Inventory in Nunda, New York
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 14517, located in Nunda, New York, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 48 total units, all designated as low-income. Based on the 2022 population of 2,243 and an estimated 859 housing units in the zip code, LIHTC funded affordable housing comprises approximately 5.6% of the estimated housing inventory. This indicates that LIHTC funded projects contribute a significant portion to the area's affordable housing stock.
The LIHTC program has invested $266,145 in tax credits for affordable housing projects in this zip code. With 48 total units, this equates to an average federal funding of $5,545 per unit. Zip code 14517 accounts for 0.01% of the total LIHTC funding allocated to New York State, representing a small but notable contribution to the state's affordable housing efforts.
The first LIHTC project in the zip code, Woodside Apts, was completed in 1992, while the most recent project, Hillside Village Apts, was finished in 2007. This 15-year span demonstrates a sustained commitment to affordable housing development in the area. The 2000s saw the most affordable housing activity, with the completion of Hillside Village Apts.
The LIHTC funded housing inventory in zip code 14517 consists of 36 one-bedroom units and 12 two-bedroom units, providing a mix of housing options for different household sizes.
Over the past decade, zip code 14517 has experienced demographic shifts. The population has decreased from 2,514 in 2014 to 2,243 in 2022. Despite this population decline, the median income has increased from $43,082 in 2014 to $52,687 in 2022, indicating improving economic conditions for residents.
Racial demographics have remained relatively stable, with a predominantly white population. However, there has been a small increase in diversity, with the percentage of white residents decreasing from 98% in 2015 to 92% in 2022, and small increases in other racial categories.
The absence of new LIHTC projects in the last decade may be related to the declining population and rising median income, which may have reduced the perceived need for additional low-income housing units.
Zip code 14517 has a modest but significant LIHTC funded affordable housing inventory, covering about 5.6% of the estimated housing stock. The area has seen two LIHTC projects completed over a 15-year period, focusing on one-bedroom and two-bedroom units. While the population has slightly decreased in recent years, median income has risen, potentially influencing the need for new affordable housing developments. The LIHTC program has played a role in providing affordable housing options in this predominantly rural area, contributing to the overall housing diversity of the zip code.
