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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 14456 in Geneva, New York, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 558 total affordable units, all of which are designated as low-income units. Based on the 2022 population of 20,163 and an estimated 7,725 housing units, the LIHTC funded affordable housing comprises approximately 7.2% of the zip code's estimated housing inventory.
The LIHTC projects in this zip code have received $1,860,813 in project tax credits, averaging about $3,335 per unit. This zip code holds 0.09% of New York State's total LIHTC funding, indicating a modest but notable contribution to the state's affordable housing efforts.
The earliest recorded LIHTC project in this zip code was completed in 1989, with the most recent project finished in 2020. This 31-year span demonstrates a long-standing commitment to affordable housing in the area. The 2000s saw significant affordable housing development, with notable projects including the Geneva YMCA Apartments (2000), Geneva Community Senior Citizens Apartments (2004), and Lyceum Heights II (2008).
The inventory comprises a diverse mix of unit types, including 9 efficiencies, 189 one-bedroom units, 165 two-bedroom units, 94 three-bedroom units, and 13 four-bedroom units. This variety caters to different household sizes and needs within the low-income population.
Over the past decade, the zip code's population has remained relatively stable, with a slight decrease from 20,550 in 2013 to 20,163 in 2022. The median income has shown some fluctuation, rising from $53,960 in 2013 to $55,919 in 2022. This modest income growth may indicate an ongoing need for affordable housing options.
Racial demographics have remained fairly consistent, with a slight decrease in the white population from 81% in 2013 to 77% in 2022, and small increases in Asian, Hispanic, and multi-racial populations. This gradual diversification may influence future affordable housing needs and designs.
The most recent LIHTC projects, Townside At Pre-Emption (2019) and Geneva Apartments (2020), align with the period of increasing median income and racial diversification, suggesting a continued focus on meeting evolving community needs.
The zip code 14456 in Geneva, New York, demonstrates a consistent commitment to affordable housing through LIHTC funding. With 558 low-income units representing about 7.2% of the estimated housing inventory, the area has made notable progress in addressing affordable housing needs. The diverse unit mix and decades-long development timeline indicate efforts to cater to various household sizes and adapt to changing demographics. While the population has remained relatively stable, the slight increase in median income and gradual racial diversification may influence future affordable housing strategies in this zip code.