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Affordable Housing Analysis in Zip Code 10591: Two Decades of LIHTC Development in Tarrytown, New York
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 10591, located in Tarrytown, New York, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area has 344 affordable housing units, with 341 designated as low-income units. Based on the 2022 population of 24,408 and an estimated 9,352 housing units, LIHTC funded affordable housing comprises approximately 3.68% of the zip code's housing inventory.
The LIHTC projects in zip code 10591 have received $1,789,043 in project tax credits, averaging about $5,201 per unit in federal funding. This zip code accounts for 0.08% of the total state LIHTC funding, representing a modest contribution to New York's affordable housing efforts.
Affordable housing has been present in zip code 10591 for over two decades. The first LIHTC project, Talleyrand Crescent, was completed in 1997, while the most recent, College Arms Apts, was finished in 2009. The 2000s saw the most affordable housing development activity, with three projects completed: Y Residence (2000), Sleepy Hollow Senior Housing (2008), and College Arms Apts (2009).
The LIHTC funded housing in zip code 10591 offers a range of unit types. There are 46 efficiencies, 118 one-bedroom units, 88 two-bedroom units, and 5 three-bedroom units. This distribution indicates a focus on smaller household sizes, potentially aligning with local population needs.
Over the past decade, the population in zip code 10591 has gradually increased, growing from 23,240 in 2013 to 24,408 in 2022. The median income has also risen, from $106,392 in 2013 to $109,052 in 2022, with some fluctuations. This upward trend in income may explain the absence of new LIHTC projects since 2009, as the overall economic status of the area has improved.
The racial composition of zip code 10591 has remained relatively stable, with minor shifts. The white population decreased slightly from 55% in 2013 to 52% in 2022, while the Hispanic population increased from 32% to 34% during the same period. The Asian population increased from 5% to 6%, while the Black population decreased from 5% to 4%.
Zip code 10591 in Tarrytown, New York, has a modest but significant LIHTC funded affordable housing inventory, covering about 3.68% of the estimated housing units. The area experienced consistent affordable housing development from 1997 to 2009, focusing on smaller unit sizes. While the population and median income have increased over the past decade, the racial composition has remained relatively stable. The lack of new LIHTC projects since 2009 may be related to the area's rising median income, potentially reducing the perceived need for additional affordable housing development.
