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Affordable Housing in Zip Code 14882: Milton Meadows Apartments Impact
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 14882, encompassing South Lansing in New York, has a population of 3,343 as of 2022. The area covers 43.81 square miles, resulting in a population density of 76.31 people per square mile. This zip code contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, providing 72 units, of which 56 are designated as low-income units. The LIHTC-funded affordable housing represents approximately 5.6% of the estimated 1,281 housing units in the zip code.
The LIHTC project in zip code 14882 received $1,081,347 in tax credits, averaging $15,018 per unit when divided by the total 72 units. This funding constitutes 0.05% of New York State's total LIHTC allocation, indicating a small portion of the state's affordable housing investment in this area.
Milton Meadows Apartments, the sole LIHTC project in zip code 14882, was completed in 2019. This development offers a variety of unit sizes, including 24 one-bedroom, 24 two-bedroom, and 24 three-bedroom units, accommodating different household sizes.
The population in zip code 14882 has shown a downward trend over the past decade, decreasing from 3,668 in 2019 to 3,343 in 2022. The median income has fluctuated, rising from $83,096 in 2019 to $89,008 in 2022, with a peak of $94,619 in 2021. The racial composition of the zip code has remained predominantly white, increasing from 86% in 2019 to 91% in 2022. The Hispanic population has remained stable at approximately 6-7% during this period.
The introduction of the LIHTC project in 2019 coincides with a period of population decline and income fluctuation, potentially addressing an emerging need for affordable housing options in the community. The Milton Meadows Apartments project contributes to the affordable housing stock in zip code 14882, although it represents a relatively small portion of the overall housing inventory.
In summary, zip code 14882 contains one LIHTC-funded affordable housing project, Milton Meadows Apartments, completed in 2019. This development provides 72 units, with 56 designated as low-income units, accounting for about 5.6% of the estimated housing inventory. The project received over $1 million in tax credits, representing a small fraction of New York State's LIHTC allocation. The community has experienced recent population decline and income fluctuations, which may have influenced the decision to develop affordable housing in the area.
