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Syracuse's Affordable Housing: LIHTC Program Impacts and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Syracuse, New York, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 2,664 total units in LIHTC funded projects, with 2,407 designated as low-income units. Based on the estimated housing inventory of 55,348 units, LIHTC funded affordable housing comprises approximately 4.8% of the city's housing stock.
Syracuse has received $27,970,476 in project tax credits for affordable housing through the LIHTC program. With approximately 52 projects, this translates to an average of $537,893 in federal funding per project. When divided by the total number of units, it equates to about $10,499 in federal funding per unit. Syracuse holds 1.33% of the total state funding for LIHTC projects.
The first LIHTC project in Syracuse, Klim Properties, was completed in 1991, while the most recent recorded project, Freedom Commons, was finished in 2019. This indicates a 28-year span of affordable housing development in the city. The 1990s saw the most affordable housing projects completed, with notable developments including Seneca Gardens, Moses Dewitt, and Boulevard Senior Apartments.
The LIHTC funded projects in Syracuse offer a diverse range of housing options. Out of the total 2,664 units, there are 279 efficiencies, 1,122 one-bedroom units, 636 two-bedroom units, 269 three-bedroom units, and 83 four-bedroom units. This distribution caters to various household sizes and needs.
Two projects stand out for their specific target populations. The Courtyard At James, completed in 2007, focuses on housing for individuals with AIDS/HIV. Freedom Commons, finished in 2019, targets post-incarceration individuals, addressing the unique housing needs of this population.
Over the past decade, Syracuse's population has remained relatively stable, with a slight decrease from 144,675 in 2013 to 144,459 in 2022. The median income has shown a positive trend, rising from $31,683 in 2013 to $45,179 in 2022, representing a 42.6% increase.
Regarding racial distribution, the city has maintained a diverse population. The white population has remained relatively stable, constituting about 50% of the population. The Black population has seen a slight decrease from 28% in 2013 to 25% in 2022. The Hispanic population has shown a small increase from 9% to 12% during the same period. The Asian population has remained relatively constant at around 6-7%.
Syracuse's LIHTC funded affordable housing inventory contributes significantly to the city's housing landscape, covering nearly 5% of the estimated housing stock. The city has consistently developed affordable housing projects over nearly three decades, with a diverse range of unit types to accommodate various household sizes. The program has attracted substantial federal funding, averaging over half a million dollars per project. While the population has remained stable, the rising median income and slight shifts in racial demographics may influence future affordable housing needs and development in Syracuse.
