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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 14622 in Irondequoit, New York, has a population of 12,588 as of 2022. This area has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing, with 179 total units, of which 173 are designated as low-income units. Based on an estimated housing inventory of 4,823 units, the LIHTC funded affordable housing covers approximately 3.71% of the zip code's housing stock.
The LIHTC projects in this zip code have received $1,798,955 in tax credits, averaging about $10,050 per unit. This represents 0.09% of the total LIHTC funding allocated to New York state, indicating a modest but notable investment in affordable housing for this area.
Affordable housing has been a part of this zip code since 2003, with the completion of Hobie Creek Apartments. The most recent project, Durand Senior Apartments, was completed in 2018, demonstrating a 15-year span of LIHTC-funded housing development in the area. The 2010s saw the most affordable housing activity, with two projects completed during this decade.
The housing inventory primarily consists of one-bedroom units (162) and a smaller number of two-bedroom units (17). This distribution suggests a focus on housing for individuals or small families. Notably, Durand Senior Apartments, completed in 2018, added 70 units to the affordable housing stock, with 64 of those designated as low-income units.
Over the past decade, the zip code's population has shown moderate growth, increasing from 11,926 in 2013 to 12,588 in 2022. Median income has also risen, from $57,737 in 2013 to $61,271 in 2022, indicating a slight improvement in economic conditions.
The racial composition of the area has remained relatively stable, with a predominantly white population (78% in 2022). However, there has been a small increase in diversity, with slight growth in Asian (3% in 2022) and Black (5% in 2022) populations. The Hispanic population has fluctuated, peaking at 13% in 2019 and settling at 9% in 2022.
The completion of Durand Senior Apartments in 2018 aligns with a period of population growth and increasing median income, suggesting a response to the changing demographics and housing needs of the area.
Zip code 14622 has a modest but significant LIHTC-funded affordable housing presence, covering about 3.71% of the estimated housing stock. The area has seen consistent investment in affordable housing over a 15-year period, with a focus on one-bedroom units. While the LIHTC projects contribute to addressing affordable housing needs, they represent a small portion of the overall housing inventory. The demographic trends show a slowly diversifying population with moderate income growth, which may influence future affordable housing needs and development in the area.