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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Orange Lake, located in New York's zip code 12550, contains a significant inventory of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 1,176 total units in LIHTC-funded projects, with 1,069 of these designated as low-income units. Based on the 2022 population of 55,518 and an estimated 21,271 housing units, the LIHTC-funded affordable housing represents approximately 5.5% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 12550 have received $5,253,084 in tax credits, averaging about $4,467 in federal funding per unit. This zip code holds 0.25% of New York state's total LIHTC funding, indicating a notable concentration of affordable housing investment in this area.
The first LIHTC project in zip code 12550, 181 First St, was completed in 1992, while the most recent known project, East End Apartments, was finished in 2018. This 26-year span demonstrates a long-term commitment to affordable housing in the area. The 1990s saw the most affordable housing development, with multiple projects completed, including City Terrace Apts, Liberty Works, and Newburgh Seniors.
The LIHTC-funded housing in zip code 12550 offers a diverse range of unit types, including 145 efficiencies, 316 one-bedroom units, 311 two-bedroom units, 203 three-bedroom units, and 56 four-bedroom units. This variety caters to different household sizes and needs within the low-income population. One notable project, East End Apartments, specifically targets military service members and those aging out of foster care, addressing unique housing needs within these vulnerable populations.
Over the past decade, the population of zip code 12550 has shown modest growth, increasing from 53,819 in 2013 to 55,518 in 2022. During this period, the median income rose from $66,680 in 2013 to $70,901 in 2022, indicating a gradual improvement in economic conditions. The racial composition of the area has seen some shifts. The Hispanic population increased from 35% in 2013 to 37% in 2022, while the white population decreased from 41% to 36%. The Black population remained relatively stable at around 19-21%. These demographic changes may influence the ongoing need for affordable housing in the area.
Zip code 12550 in Orange Lake, New York, has a substantial LIHTC-funded affordable housing inventory, representing about 5.5% of the estimated housing stock. With over $5 million in tax credits invested, the area has seen consistent development of affordable housing projects since the early 1990s. The diverse unit types available cater to various household sizes, and some projects target specific populations with unique needs. While the area has experienced modest population growth and income increases over the past decade, changing racial demographics may continue to influence affordable housing needs in the future.