Loading Content...
Affordable Housing Analysis in Zip Code 10573: LIHTC Funding and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 10573, located in Rye Brook, New York, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area comprises 219 total units in LIHTC-funded projects, with 218 designated as low-income units. Based on the 2022 population of 40,818 and utilizing the national average household size, the estimated housing inventory for this zip code is approximately 15,639 units. The LIHTC-funded affordable housing represents about 1.4% of this estimated housing inventory.
The LIHTC program has allocated $734,933 in tax credits for affordable housing projects in zip code 10573. This amount equates to an average of $3,355 in federal funding per unit. Notably, this zip code accounts for 0.03% of the total LIHTC funding allocated to New York state. Affordable housing has been present in this community for over two decades, with the first LIHTC project, Grant St, completed in 2000, and the most recent, Kingsport Apts, finished in 2012. The 2000s experienced the highest activity in affordable housing development, with two projects completed during this decade.
The affordable housing inventory in zip code 10573 is diverse, consisting of 10 efficiencies, 180 one-bedroom units, 25 two-bedroom units, and 4 three-bedroom units. This distribution indicates a focus on smaller households and individuals.
Over the past decade, the population in zip code 10573 has demonstrated steady growth, increasing from 38,012 in 2013 to 40,818 in 2022. The median income has also risen significantly, from $92,796 in 2013 to $96,954 in 2022, with a peak of $115,640 in 2021.
Racial demographics have shifted slightly, with the Hispanic population increasing from 45% in 2013 to 50% in 2022, while the white population decreased from 44% to 38% during the same period. The Asian and Black populations have remained relatively stable, with small increases.
The growing population and rising median income suggest a potential need for continued affordable housing options, especially given the significant Hispanic population, which often includes immigrant communities that may benefit from affordable housing opportunities.
Zip code 10573 has a small but established LIHTC-funded affordable housing inventory, covering about 1.4% of the estimated housing stock. The area has experienced demographic shifts and income growth over the past decade, with the last LIHTC project completed in 2012. The existing affordable housing units, predominantly one-bedroom apartments, serve a diverse community with a growing population and changing racial composition. The continued population growth and income changes may indicate an ongoing need for affordable housing options in this area.
