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Affordable Housing in Zip Code 14870: Analysis of LIHTC-Funded Units in Gang Mills, 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 14870, located in Gang Mills, New York, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. The LIHTC inventory in this zip code comprises 75 total units, with 39 designated as low-income units. Based on an estimated 3,420 housing units in the zip code, LIHTC-funded affordable housing represents approximately 2.2% of the total housing stock.
The LIHTC program has invested $195,542 in tax credits for affordable housing projects in zip code 14870. This funding represents about 0.01% of New York State's total LIHTC allocation. The average federal funding per unit is approximately $2,607 when considering the total LIHTC-funded units.
Affordable housing has been present in this community for over two decades. The first LIHTC project, Pine Tree Village Family Apartments, was completed in 1998, while the most recent project, Village Square Apartments, was finished in 2011. The 2000s experienced the most LIHTC activity, with two projects completed during this decade.
The LIHTC-funded housing stock in zip code 14870 consists primarily of one-bedroom units (47), followed by two-bedroom units (24), and a small number of three-bedroom units (4). This distribution indicates a focus on housing for smaller households and potentially seniors.
Over the past decade, the population in zip code 14870 has remained relatively stable, fluctuating between 8,925 and 9,365 residents. The median income has shown a general upward trend, increasing from $59,890 in 2013 to $80,932 in 2022. This rise in median income may indicate a growing need for affordable housing options for lower-income residents.
The racial composition of zip code 14870 has remained predominantly white, with a slight decrease from 88% in 2020 to 82% in 2022. There has been a small increase in diversity, with the Asian population growing from 6% to 9% and the two or more races category increasing from 2% to 3% during the same period.
Zip code 14870 in Gang Mills, New York, has a modest LIHTC-funded affordable housing inventory, representing about 2.2% of the estimated total housing stock. The area has seen LIHTC investment spanning from 1998 to 2011, with a focus on one and two-bedroom units. While the population has remained stable, rising median incomes and slight increases in diversity may influence future affordable housing needs in the community.
