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Affordable Housing in Zip Code 14615: Recent LIHTC Developments in Rochester, 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 14615, located in Rochester, New York, has a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area has a total of 188 affordable housing units, with 135 of these specifically designated as low-income units.
Based on the 2022 population of 17,398 and an estimated 6,666 housing units in the zip code, the LIHTC-funded affordable housing units represent approximately 2.8% of the total housing inventory. This falls short of the typical target of 15-20% affordable housing stock.
The LIHTC projects in this zip code have received $1,221,559 in tax credits. When divided by the total number of units, this translates to an average federal funding of about $6,498 per unit. Notably, this zip code accounts for 0.06% of the total LIHTC funding allocated to New York State.
Affordable housing has been a part of this zip code for at least a decade. The first recorded LIHTC project, "1630 Dewey Avenue," was completed in 2012. The most recent project, "Eastman Reserve," was finished in 2020, indicating ongoing efforts to provide affordable housing in the area. The 2020s have seen the most significant development in LIHTC-funded affordable housing for this zip code.
The housing inventory in these LIHTC projects is diverse, catering to various household sizes. It includes 1 efficiency unit, 8 one-bedroom units, 73 two-bedroom units, and 33 three-bedroom units. This distribution suggests a focus on accommodating small to medium-sized families.
Analyzing demographic trends over the past decade reveals correlations with LIHTC developments. The population in zip code 14615 has shown a gradual increase, growing from 15,728 in 2014 to 17,398 in 2022. This population growth may have contributed to the need for additional affordable housing, as evidenced by the completion of the Eastman Reserve project in 2020.
Median income in the area has fluctuated over the years, ranging from a low of $39,470 in 2017 to a high of $47,371 in 2022. Despite the recent increase in median income, the continued development of LIHTC projects suggests an ongoing need for affordable housing options.
The racial composition of the zip code has also seen changes. The percentage of White residents has decreased from 58% in 2014 to 47% in 2022, while the Black population has increased from 23% to 27%, and the Hispanic population from 11% to 18% during the same period. This demographic shift might influence the demand for affordable housing and the types of units needed.
In summary, zip code 14615 has seen a steady development of LIHTC-funded affordable housing over the past decade, with projects addressing the needs of a growing and diversifying population. While the current inventory of affordable units represents a small percentage of the total housing stock, the ongoing investment in LIHTC projects indicates a continued commitment to providing affordable housing options in this area.
