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Affordable Housing Analysis in Zip Code 11558: Focus on LIHTC-Funded Efficiency Units
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 11558, located in Barnum Island, New York, contains 5 affordable housing units funded by the Low-Income Housing Tax Credit (LIHTC) program. These units represent 0.17% of the estimated 3,016 housing units in the zip code, based on the 2022 population of 7,873 and the national average household size of 2.61. All 5 units are designated as low-income units.
The LIHTC program has invested $904,132 in tax credits for affordable housing projects in this zip code. This translates to an average federal funding of $180,826 per unit. Zip code 11558 accounts for 0.04% of the total LIHTC funding allocated to New York state.
The sole LIHTC-funded project in this zip code is the Abbey Manor Special Needs Apartments, completed in 2013. This project marks the beginning and current extent of LIHTC-funded affordable housing in the area. All 5 units in this project are classified as efficiencies, indicating a focus on compact living spaces for single occupants or small households.
Over the past decade, the population in zip code 11558 has remained relatively stable, fluctuating between 7,500 and 8,000 residents. The median income has shown a general upward trend, increasing from $99,106 in 2013 to $105,588 in 2022. This rise in median income might explain the limited expansion of LIHTC-funded housing since the completion of the Abbey Manor project.
Racial demographics have shifted slightly, with the white population decreasing from 71% in 2013 to 66% in 2022. The Hispanic population has grown from 22% to 23% during this period, while the Asian population increased from 1% to 4%. These changes, while modest, could indicate evolving housing needs in the community.
The LIHTC-funded affordable housing in zip code 11558 is characterized by a single project completed in 2013, providing 5 efficiency units. This represents a small portion of the estimated housing stock. The relatively high and increasing median income in the zip code may influence the limited expansion of LIHTC projects over the past decade. As the community's demographics continue to evolve, ongoing assessment of affordable housing needs will be crucial to ensure adequate support for low-income residents.
