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Affordable Housing Analysis in Zip Code 10028: LIHTC Projects in Manhattan's Urban Landscape
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 10028, situated in Manhattan, New York, contains two Low-Income Housing Tax Credit (LIHTC) funded affordable housing projects. These projects provide 208 units, with 64 designated as low-income units. The estimated housing inventory in this zip code is 18,997 units, of which LIHTC funded affordable housing comprises approximately 1.1%. The LIHTC projects in zip code 10028 have received $229,148 in tax credits, averaging $1,101 per unit across all LIHTC funded projects. This zip code accounts for 1% of the total LIHTC funding allocated to New York state.
Affordable housing has been present in zip code 10028 since 1996, when the "Better Place" project was completed. The most recent project, "The Strathmore," was completed in 1997, indicating that LIHTC funded affordable housing development in this area spans at least one year. The 1990s saw the most LIHTC affordable housing activity in this zip code. The housing unit breakdown for LIHTC projects in zip code 10028 includes 57 one-bedroom units, 89 two-bedroom units, and 34 three-bedroom units, suggesting a focus on accommodating small to medium-sized households.
The population in zip code 10028 has fluctuated over the past decade, peaking at 54,212 in 2017 and declining to 49,581 in 2022. The median income has shown overall growth, increasing from $150,530 in 2013 to $147,086 in 2022, with fluctuations in between. The racial composition has remained relatively stable, with a slight increase in diversity. The white population decreased from 84% in 2013 to 80% in 2022, while the Asian population increased from 6% to 8% during the same period.
The absence of new LIHTC projects in the last decade may be attributed to the area's high median income, which has consistently remained well above national averages. This suggests that the need for additional low-income housing may not be as pressing in zip code 10028 compared to other areas.
Zip code 10028 in Manhattan has a limited LIHTC funded affordable housing inventory, comprising 1.1% of the estimated total housing stock. The area received 1% of New York's LIHTC funding, with projects dating back to the mid-1990s. Despite the lack of recent LIHTC developments, the area has maintained a high median income and a relatively stable demographic composition over the past decade. The existing LIHTC projects provide a mix of unit sizes, catering to various household needs within the community.
