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Affordable Housing Analysis in Zip Code 10940: LIHTC Funding and Demographic Shifts
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 10940, located in Middletown, New York, contains 1,121 units in Low-Income Housing Tax Credit (LIHTC) funded affordable housing projects. Of these, 1,009 are designated as low-income units. The zip code spans 63.92 square miles and had a population of 52,839 in 2022. Based on an estimated housing inventory of 20,245 units, LIHTC-funded affordable housing represents approximately 5.54% of the total housing stock in the zip code. This percentage is below the 15-20% target for affordable housing.
LIHTC projects in this zip code have received $5,903,560 in tax credits, averaging about $5,266 per unit in federal funding. This zip code accounts for 0.28% of the total LIHTC funding allocated to New York State. Affordable housing has been present in this zip code for over two decades. The earliest LIHTC project, Country View Manor, was completed in 1996, while the most recent, Bella Vista II, was finished in 2018. The 2000s saw the most affordable housing development, with projects such as Senior Horizons At Silver Lake (2001), Wallkill Living Center (2003), and Middlecrest Crossing Senior Apts I and II (2005 and 2007) being completed.
The LIHTC-funded projects in this zip code offer various unit types. Out of the 1,121 total units, there are 30 efficiencies, 505 one-bedroom units, 335 two-bedroom units, 140 three-bedroom units, and 30 four-bedroom units. This distribution indicates a focus on accommodating different household sizes, with an emphasis on smaller households. One notable project, The Mill At Middletown, completed in 2016, targets persons with AIDS/HIV and those dealing with substance abuse, addressing the housing needs of vulnerable populations within the community.
Over the past decade, zip code 10940 has experienced demographic shifts. The population increased from 48,403 in 2019 to 52,839 in 2022, indicating a rising demand for housing. Median income fluctuated, reaching $70,182 in 2022, up from $67,791 in 2019. This income increase might suggest a growing need for affordable housing options for those who may be priced out of the market.
Racial demographics have also changed slightly. The white population decreased from 44% in 2019 to 40% in 2022, while the Black population increased from 15% to 20%, and the Hispanic population changed from 34% to 33%. These shifts could indicate a need for culturally sensitive affordable housing options.
Zip code 10940 has an established foundation of LIHTC-funded affordable housing, with projects spanning over two decades. While the current inventory falls short of ideal targets, it provides crucial housing options for low-income residents. The diverse unit types and targeted projects like The Mill At Middletown demonstrate efforts to meet varied housing needs. Recent demographic trends, including population growth and shifts in racial composition, suggest an ongoing and potentially increasing need for affordable housing in this area.
