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Affordable Housing Analysis in Zip Code 11412: Recent LIHTC Investment in Queens, 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 11412, located in Queens, New York, has recently incorporated Low-Income Housing Tax Credit (LIHTC) funded affordable housing. As of 2022, this area contains one LIHTC-funded project, providing 67 affordable housing units, of which 53 are designated as low-income units. Based on an estimated housing inventory of 15,751 units, LIHTC-funded affordable housing comprises approximately 0.42% of the zip code's housing stock.
The LIHTC program has invested $1,348,252 in tax credits for affordable housing in zip code 11412. This equates to an average federal funding of $20,122 per unit. This investment represents 0.06% of the total LIHTC funding allocated to New York State, indicating a modest contribution to the state's affordable housing efforts.
The single LIHTC project in this zip code, "St. Albans Cycle Of Life," was completed in 2018. This project marks the introduction of LIHTC-funded affordable housing in the area. The housing mix in this project includes 33 one-bedroom and 34 two-bedroom units, accommodating various household sizes and needs.
Over the past decade, zip code 11412 has experienced demographic changes. The population has increased from 38,101 in 2020 to 41,111 in 2022, indicating a growing demand for housing. Median income has fluctuated, reaching $86,438 in 2022, decreased from $100,755 in 2021. This income volatility may indicate an ongoing need for affordable housing options.
Racial demographics in zip code 11412 have also evolved. The Black population has decreased from 85% in 2020 to 79% in 2022, while Hispanic and Asian populations have slightly increased. This diversification may influence future affordable housing needs and designs.
Zip code 11412 in Queens, New York, has recently introduced LIHTC-funded affordable housing through a single project completed in 2018. The current affordable housing stock represents a small percentage of the estimated total housing units, providing support for low-income residents. The area's changing demographics, including population growth and racial diversification, suggest an evolving landscape that may require continued attention to affordable housing needs. The LIHTC investment in this zip code, while modest compared to the state's total allocation, represents a step towards addressing local affordable housing demands.
