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Affordable Housing Analysis in New Windsor, Zip Code 12553: LIHTC Program Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
New Windsor, zip code 12553, located in New York state, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area contains 353 total units, all of which are designated as low-income units. Based on the estimated 9,685 housing units in the zip code, the LIHTC-funded affordable housing covers approximately 3.6% of the total housing stock.
The LIHTC projects in zip code 12553 have received $5,247,838 in tax credits, averaging about $14,867 in federal funding per unit. This represents 0.25% of the total LIHTC funding allocated to New York state, indicating a modest but notable investment in affordable housing for this area.
The LIHTC program has been active in this zip code for at least six years, with the first recorded project, New Windsor, completed in 2010, and the most recent, Temple Hill, finished in 2016. The early 2010s saw the most affordable housing activity, with three projects (New Windsor, Amber Grove, and Mason's Ridge) completed between 2010 and 2012.
The housing mix in these LIHTC projects primarily consists of one-bedroom units (195), followed by two-bedroom (39) and three-bedroom (38) units. This distribution suggests a focus on accommodating smaller households and families.
Over the past decade, the population in zip code 12553 has grown steadily, increasing from 23,960 in 2013 to 25,277 in 2022. The median income has also risen, from $86,332 in 2013 to $93,296 in 2022, with a peak of $111,949 in 2021. This overall upward trend in income might explain the lack of new LIHTC projects since 2016, as the area's economic profile may have shifted.
The racial composition of zip code 12553 has become more diverse over time. The percentage of white residents decreased from 61% in 2013 to 51% in 2022, while the Hispanic population increased from 20% to 26%, and the Black population grew from 12% to 16% during the same period. This demographic shift could potentially influence future affordable housing needs and development strategies.
The LIHTC program has played a role in providing affordable housing in zip code 12553, with 353 low-income units across four projects completed between 2010 and 2016. While these units represent a small portion of the estimated total housing stock, they contribute to addressing affordable housing needs in the area. The changing demographics and rising median income in recent years may impact future affordable housing developments in this zip code.
