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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 14760 in Weston Mills, New York, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area covers 63.48 square miles with an estimated population of 18,995 as of 2022. The LIHTC program has contributed to the development of 48 affordable housing units in this zip code, all designated as low-income units. Based on the estimated housing inventory of 7,278 units, the LIHTC-funded affordable housing comprises approximately 0.66% of the zip code's housing stock.
The LIHTC program has funded two projects in zip code 14760: Cranberry Court and First Apts Olean. Cranberry Court, completed in 2000, offers 32 one-bedroom units. First Apts Olean, finished in 2002, provides 16 units with a mix of efficiencies, one-bedroom, and two-bedroom apartments. These projects indicate that affordable housing has been present in the zip code for over two decades.
The early 2000s saw the most affordable housing development activity in this area, with both projects completed within a two-year span. This period marked an expansion of affordable housing options for residents in zip code 14760. The LIHTC-funded projects in this zip code offer a total of 48 units, consisting of 1 efficiency, 44 one-bedroom units, and 3 two-bedroom units. This composition indicates a focus on accommodating individuals and small families in the area's affordable housing inventory.
Over the past decade, zip code 14760 has experienced demographic shifts. The population has decreased slightly, from 19,681 in 2013 to 18,995 in 2022. Despite this population decrease, the median income has increased, rising from $44,871 in 2013 to $53,140 in 2022. This increase in median income may impact the demand for affordable housing in the area.
Regarding racial distribution, zip code 14760 has maintained a predominantly white population, consistently above 89% throughout the last decade. There has been a slight increase in diversity, with small increases in the Asian, Hispanic, and multi-racial populations. The black population has remained relatively stable at around 3-4% of the total population.
No new LIHTC projects have been developed in zip code 14760 over the past decade. This could be due to various factors, including the relatively stable population, increasing median income, or potentially other affordable housing initiatives not captured in the LIHTC data.
Zip code 14760 in Weston Mills, New York, has two LIHTC-funded affordable housing projects providing 48 units, all designated for low-income residents. These projects, completed in the early 2000s, represent about 0.66% of the estimated housing inventory in the area. The housing mix predominantly consists of one-bedroom units, suggesting a focus on individual and small family households. While the population has slightly decreased over the past decade, median incomes have risen, which could influence the demand for affordable housing. The racial composition has remained largely stable, with a slight increase in diversity. The lack of new LIHTC projects in recent years may be attributed to changing demographic and economic factors in zip code 14760.