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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 10026, located in Manhattan, New York, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area contains 4,265 total units in LIHTC funded projects, with 3,306 of these specifically designated as low-income units. Based on the 2022 population of 39,441 and an estimated 15,111 housing units, the LIHTC funded affordable housing covers approximately 28.2% of the zip code's housing inventory. This substantial proportion indicates that LIHTC projects play a crucial role in providing affordable housing options in this area.
The LIHTC projects in zip code 10026 have received $24,553,217 in tax credits, averaging about $5,757 per unit in federal funding. This zip code holds 1.16% of the total state LIHTC funding, which is noteworthy for a single zip code area.
Affordable housing has been a long-standing feature of this zip code, with projects dating back to 1989. The earliest project on record is "Mn 1-L" completed in 1989, while one of the most recent projects is "Tahl Propp Affordable Preservation LLC" completed in 2018. This span of nearly three decades demonstrates a consistent commitment to affordable housing in the area.
The 1990s saw significant affordable housing development, with projects like "Morningside Apts," "Park North Assoc," and "Canaan House Residential Project" being completed. The early 2000s also saw substantial activity, with projects such as "Garden of Eden I" and "Malcolm Shabbazz" being finalized in 2004.
The LIHTC funded projects in zip code 10026 offer a diverse range of unit types. There are 364 efficiencies, 1,113 one-bedroom units, 1,430 two-bedroom units, 303 three-bedroom units, and 73 four-bedroom units. This variety caters to different household sizes and needs within the community.
Over the past decade, the population in zip code 10026 has remained relatively stable, with a slight increase from 39,263 in 2015 to 39,441 in 2022. The median income has seen a significant rise, growing from $55,190 in 2015 to $72,417 in 2022, an increase of about 31%.
Racial demographics have shown some shifts. The Black population has decreased from 52% in 2015 to 46% in 2022, while the White population has increased from 20% to 23% over the same period. The Hispanic population has remained stable at around 20-21%, and the Asian population has grown slightly from 5% to 7%.
Zip code 10026 in Manhattan demonstrates a substantial LIHTC funded affordable housing presence, covering over a quarter of its estimated housing inventory. With a diverse range of unit types and projects spanning nearly three decades, the area shows a consistent commitment to affordable housing. The zip code has seen demographic shifts over the past decade, including rising median incomes and some changes in racial composition. These LIHTC projects continue to play a crucial role in maintaining affordable housing options in an area experiencing economic growth and demographic changes.