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Affordable Housing Inventory Analysis in Zip Code 12189: Watervliet's LIHTC Projects
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 12189, located in Watervliet, New York, has a population of 19,984 as of 2022. This area has two Low-Income Housing Tax Credit (LIHTC) funded affordable housing projects, providing a total of 129 units, of which 57 are designated as low-income units. Based on the estimated housing inventory of 7,657 units, the LIHTC-funded affordable housing covers approximately 1.68% of the zip code's housing stock.
The LIHTC projects in this zip code have received $1,315,852 in tax credits, averaging about $10,200 per unit across all LIHTC-funded projects. This funding represents 0.06% of the total LIHTC credits allocated to New York State, indicating a relatively small portion of the state's affordable housing investment in this area.
The first LIHTC project, Delatour Manor, was completed in 1998, while the most recent project, Van Rensselaer Village Redevelopment, was finished in 2011. This 13-year span demonstrates a sustained presence of LIHTC-funded affordable housing in the zip code. The 2010s saw the most recent affordable housing development activity.
The affordable housing inventory in this zip code consists primarily of one-bedroom units (77), followed by two-bedroom units (33), three-bedroom units (15), and four-bedroom units (4). There are no efficiency units reported. This distribution suggests a focus on housing for small families and individuals.
Over the past decade, the population in this zip code has shown a gradual increase, growing from 19,600 in 2013 to 19,984 in 2022. The median income has fluctuated, rising from $57,306 in 2013 to $62,673 in 2021, before decreasing to $57,866 in 2022.
Racial demographics have shifted slightly, with the white population decreasing from 81% in 2013 to 68% in 2022. Concurrently, there have been increases in Asian (5% to 10%), Black (6% to 10%), and Hispanic (5% to 8%) populations. This diversification may indicate changing housing needs in the community.
The most recent LIHTC project was completed in 2011, which predates the demographic data available. However, the steady population growth and income fluctuations suggest an ongoing need for affordable housing options in the area.
Zip code 12189 has a modest LIHTC-funded affordable housing inventory, covering about 1.68% of the estimated housing stock. The area has seen two LIHTC projects completed over a 13-year period, with a focus on one and two-bedroom units. While the LIHTC investment represents a small portion of New York State's allocation, it provides important affordable housing options for the community. The changing demographics, including population growth and increasing diversity, may indicate a continued need for affordable housing solutions in this zip code.
