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Affordable Housing Analysis in Zip Code 10977: Long-standing LIHTC Presence in Chestnut Ridge
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 10977, located in Chestnut Ridge, New York, contains a significant number of Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. This zip code has 715 units in LIHTC-funded projects, with 481 designated as low-income units. The area covers 11.1 square miles and had a population of 68,531 in 2022.
The estimated housing inventory in zip code 10977 is 26,257 units. LIHTC-funded affordable housing represents approximately 2.72% of the total housing stock in the zip code. This percentage is below the ideal 15-20% target for affordable housing.
LIHTC projects in zip code 10977 have received $3,468,998 in tax credits, averaging about $4,852 per unit in federal funding. This zip code holds 0.16% of the total state LIHTC funding. Affordable housing has been present in this zip code since 1991, with projects spanning until 2012. The first project, New Square Public Housing, was completed in 1991, while the most recent, Surrey Carlton Apts, was finished in 2012. The mid-2000s saw the most activity, with three projects completed in 2006.
The LIHTC-funded housing in zip code 10977 offers various unit types. Of the 715 total units, there are 16 efficiencies, 306 one-bedroom units, 236 two-bedroom units, 85 three-bedroom units, and 23 four-bedroom units. This distribution accommodates various household sizes, from individuals to larger families.
The population in zip code 10977 has grown from 59,859 in 2014 to 68,531 in 2022, a 14.5% increase. This growth may indicate an increasing need for affordable housing options. Median income has remained relatively stable, rising from $70,042 in 2014 to $70,791 in 2022, suggesting a consistent need for affordable housing in the area.
Racial demographics in zip code 10977 have shifted notably. The white population increased from 42% in 2014 to 54% in 2022, while the Black population decreased from 30% to 19%. The Hispanic population remained relatively stable at 21% during this period. These changes in racial composition may influence the diverse housing needs of the community.
Zip code 10977 in Chestnut Ridge, New York, has an established foundation of LIHTC-funded affordable housing. While the 715 total units represent a small portion of the estimated housing stock, they provide crucial housing options for lower-income residents. The area has seen consistent investment in affordable housing over two decades, with a diverse range of unit types. The growing population and shifting demographics in recent years suggest an ongoing need for affordable housing options in this community.
