Loading Content...
Affordable Housing Trends in Zip Code 12180: Troy's LIHTC-Funded Developments
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 12180 in Troy, New York, exhibits a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area contains 452 total units in LIHTC-funded projects, with 421 units specifically designated as low-income. Based on the 2022 population of 54,276 and an estimated 20,795 housing units, the LIHTC-funded affordable housing constitutes approximately 2.17% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 12180 have received $4,610,858 in tax credits, averaging about $10,201 in federal funding per unit. This zip code accounts for 0.22% of New York State's total LIHTC funding, indicating a modest but significant contribution to the state's affordable housing efforts.
The LIHTC program in zip code 12180 spans from 1991 to 2018, demonstrating a 27-year commitment to affordable housing development. The earliest project, School 10, was completed in 1991, while the most recent, Martin Luther King Revitalization Ph 1, was finished in 2018. The 2010s saw the most substantial affordable housing development, with notable projects including Monument Square Apts (2012), O'Neil Apartments (2013), Tapestry On The Hudson (2017), and Martin Luther King Revitalization Ph 1 (2018).
The LIHTC-funded housing stock in zip code 12180 is diverse, consisting of 1 efficiency unit, 311 one-bedroom units, 95 two-bedroom units, 36 three-bedroom units, and 9 four-bedroom units. This distribution indicates a focus on accommodating various household sizes, with a particular emphasis on smaller households.
Over the past decade, zip code 12180 has experienced a gradual increase in population, growing from 51,950 in 2010 to 54,276 in 2022. The median income has also risen, from $55,277 in 2013 to $63,468 in 2022, representing a 14.8% increase. Despite this growth, the continued development of LIHTC projects suggests an ongoing need for affordable housing options.
Racial demographics in zip code 12180 have remained relatively stable, with a slight decrease in the white population from 73% in 2013 to 69% in 2022, and small increases in Asian, Black, and Hispanic populations. This gradual diversification may contribute to the continued demand for affordable housing options to serve various community needs.
Zip code 12180 demonstrates a consistent commitment to affordable housing through LIHTC projects, spanning nearly three decades. While these projects represent a small portion of the overall housing stock, they provide crucial low-income housing options. The area has seen steady population growth and income increases, accompanied by gradual racial diversification. These demographic shifts, coupled with the continued development of LIHTC projects, suggest an ongoing need for affordable housing in this evolving community.
