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Affordable Housing in Zip Code 14895: Two Decades of LIHTC Projects in Stannards, 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 14895, located in Stannards, New York, contains 156 total units in Low-Income Housing Tax Credit (LIHTC) funded projects, with 120 designated as low-income units. Based on the 2022 population of 9,110 and using the national average household size, an estimated 3,490 housing units exist in this zip code. LIHTC-funded affordable housing comprises approximately 4.5% of the estimated housing inventory in the area.
LIHTC projects in zip code 14895 have received $907,019 in project tax credits, averaging $5,814 per unit. This zip code accounts for 0.04% of the total LIHTC funding allocated to New York State. Affordable housing has been present in this zip code for over two decades. The first LIHTC project, Gardner Heights, was completed in 1994, and the most recent, 23 North, was finished in 2019. The 1990s saw the most affordable housing projects completed, with three projects: Gardner Heights, Wellsville Woods, and Brookhaven Apts - Wellsville.
The LIHTC-funded housing stock in zip code 14895 includes 84 one-bedroom units, 60 two-bedroom units, and 12 three-bedroom units, catering to various household sizes with a focus on smaller households.
The population in zip code 14895 has declined slightly from 9,480 in 2013 to 9,110 in 2022. However, the median income has increased from $41,396 in 2013 to $51,117 in 2022. This rise in median income may affect the demand for affordable housing in the area.
The racial composition of zip code 14895 has remained predominantly white (95-98% throughout the decade). A minor increase in diversity has occurred, with the percentage of residents identifying as two or more races growing from 0% in 2013 to 3% in 2022.
Zip code 14895 in Stannards, New York, has maintained LIHTC-funded affordable housing over the past three decades. While affordable housing covers a small portion of the estimated housing inventory, it provides options for low-income residents. The area has experienced a slight population decline but an increase in median income over the past decade. The racial composition remains predominantly white, with a small increase in diversity. These demographic trends may influence future affordable housing needs and development in the area.
