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Affordable Housing Analysis in Zip Code 11368: Three Decades of LIHTC Projects in Corona, Queens
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 11368, located in Queens, New York, contains a notable inventory of LIHTC-funded affordable housing. This area, situated near Corona Park, encompasses 363 total units in LIHTC-funded projects, with 126 units designated as low-income. Based on the 2022 population of 111,786 and an estimated 42,830 housing units, LIHTC-funded affordable housing comprises approximately 0.85% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 11368 have received $1,480,810 in tax credits, averaging $4,080 per unit in federal funding. This allocation represents 0.07% of New York state's total LIHTC funding, indicating a modest yet significant investment in affordable housing for this area.
Affordable housing has been present in this zip code for over three decades. The first LIHTC project, Queenswood Mac, was completed in 1990, while the most recent, Hanac Corona, was finished in 2018. The 2010s witnessed the most recent development activity, with Hanac Corona contributing 67 units to the affordable housing stock.
The LIHTC-funded projects in zip code 11368 offer a variety of unit types, including 23 efficiencies and 44 one-bedroom apartments. This distribution suggests a focus on housing for smaller households or individuals.
Over the past decade, zip code 11368 has experienced fluctuations in population, with a general upward trend until 2021, followed by a slight decrease in 2022. The median income has shown steady growth, increasing from $54,682 in 2013 to $60,207 in 2022. This rise in median income may indicate a growing need for affordable housing options to maintain community diversity.
The racial composition of zip code 11368 has remained relatively stable, with a predominantly Hispanic population (approximately 75-77% in recent years). The Asian population has slightly increased from 11% to 12%, while the Black population has decreased from 9% to 7%. This demographic stability suggests a consistent community fabric that could benefit from continued affordable housing options.
Zip code 11368 in Queens, New York, demonstrates a modest but important LIHTC-funded affordable housing presence. With 363 total units, including 126 low-income units, these projects contribute to the area's housing diversity. The long-term presence of affordable housing, spanning from 1990 to 2018, reflects ongoing efforts to address housing needs in this diverse community. While the LIHTC-funded units represent a small percentage of the overall housing stock, they play a crucial role in providing affordable options in an area with steadily increasing median income. The stable racial composition, particularly the large Hispanic population, underscores the importance of maintaining affordable housing to preserve community character and diversity.
