Loading Content...
Affordable Housing Analysis in Zip Code 10560: Bridleside Apartments and LIHTC Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 10560, encompassing Peach Lake in New York, is home to a population of 4,946 as of 2022. This zip code area covers 21.98 square miles, combining suburban and rural elements. The Low-Income Housing Tax Credit (LIHTC) program has funded 65 total units in this area, with 64 classified as low-income units. Given the estimated 1,895 housing units in the zip code, LIHTC-funded affordable housing comprises approximately 3.4% of the total housing inventory.
The LIHTC program has allocated $1,010,049 in tax credits for affordable housing projects in zip code 10560. This equates to an average federal funding of $15,539 per unit. This investment represents 0.05% of New York State's total LIHTC funding, indicating a modest yet significant contribution to affordable housing in the area.
Bridleside Apartments, completed in 2013, is the primary LIHTC-funded project in zip code 10560. This development has provided affordable housing options for nearly a decade, demonstrating a sustained commitment to accessibility. The project's unit distribution includes 2 one-bedroom, 4 two-bedroom, and 5 three-bedroom units, catering to various household sizes.
The zip code has experienced minor population fluctuations over the past decade, with a general upward trend from 4,907 in 2013 to 4,946 in 2022. The median income has varied, ranging from $126,265 in 2018 to $175,064 in 2021, settling at $157,332 in 2022. These figures suggest an affluent area with potential pockets of need for affordable housing.
Racial demographics in zip code 10560 have shifted slightly, with the white population decreasing from 89% in 2013 to 84% in 2022. There has been a modest increase in diversity, with the Asian population growing from 1% to 5% and the Hispanic population remaining relatively stable around 7-9%. These gradual changes may indicate an evolving community demographic that could influence future affordable housing needs.
The LIHTC program has made a targeted investment in affordable housing in zip code 10560, with Bridleside Apartments serving as the primary project. While the proportion of affordable units is relatively small compared to the overall housing stock, it represents a significant effort to provide accessible housing options in an area with high median incomes. The demographic trends suggest a slowly diversifying population, which may influence future affordable housing strategies in this zip code.
