Loading Content...
Affordable Housing Analysis in Zip Code 10566: LIHTC Funded Projects in Peekskill, New York
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 10566, located in Peekskill, New York, contains a substantial inventory of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has a total of 538 units in LIHTC funded projects, with 491 of these being designated as low-income units. This affordable housing stock represents approximately 5.55% of the estimated 9,688 total housing units in the zip code as of 2022.
The LIHTC projects in zip code 10566 have received $3,368,291 in project tax credits, which equates to an average of $6,261 in federal funding per unit. This zip code accounts for 0.16% of the total state LIHTC funding, indicating its contribution to New York's affordable housing initiatives.
Affordable housing has been a consistent feature in this zip code from 2000 to 2018. The earliest project, Drum Hill Senior Living Community, was completed in 2000, while The Lofts On Main represents the most recent addition in 2018. The decade of the 2010s saw the most significant affordable housing development, with projects such as River Pointe At Drum Hill Senior Apartments and Barham House Apartments both completed in 2010.
The LIHTC funded housing in zip code 10566 offers a variety of unit types. The 538 total units comprise 27 efficiencies, 390 one-bedroom units, 101 two-bedroom units, and 11 three-bedroom units. This distribution suggests a focus on accommodating smaller households and potentially senior residents.
Over the past decade, zip code 10566 has experienced steady population growth, increasing from 23,773 in 2013 to 25,286 in 2022. The median income has generally trended upward, rising from $68,504 in 2013 to $74,262 in 2022. This economic growth may have influenced the continued development of affordable housing projects.
The racial composition of zip code 10566 has evolved over time. The Hispanic population has grown significantly, from 31% in 2013 to 41% in 2022. The white population has decreased from 39% to 37% during the same period. The black population has remained relatively stable, slightly decreasing from 21% to 18%. These demographic shifts may have influenced the ongoing need for affordable housing options in the area.
Zip code 10566 demonstrates a consistent commitment to affordable housing through its LIHTC funded projects. The 538 total units, including 491 low-income units, contribute significantly to the area's housing diversity. These projects span nearly two decades, reflecting ongoing efforts to address affordable housing needs. The demographic trends, including population growth and changes in racial composition, align with the continued development of affordable housing in this zip code. While the LIHTC funded units represent a modest portion of the total estimated housing stock, they play a crucial role in providing affordable options for the community.
