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Affordable Housing Analysis in Zip Code 11901: A 21-Year LIHTC Development in Riverhead, 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 11901 in Riverhead, New York, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area contains 616 total units in LIHTC funded projects, with 389 designated as low-income units. Based on the 2022 population of 28,920 and an estimated 11,080 housing units, the LIHTC funded affordable housing comprises approximately 5.6% of the zip code's estimated housing inventory.
The LIHTC projects in this zip code have received $1,033,814 in project tax credits, averaging about $1,678 per unit in federal funding. This zip code holds 0.05% of the total state LIHTC funding, indicating a modest share of New York's affordable housing resources.
Affordable housing has been present in this zip code for over two decades. The first recorded LIHTC project, John Wesley Village II, was completed in 1999, while the most recent, Riverview Lofts, was finished in 2020. The 2000s saw the most affordable housing development, with five projects completed during this decade.
The LIHTC funded housing in this zip code offers a diverse range of unit types. Out of the 616 total units, there are 36 efficiencies, 373 one-bedroom units, 196 two-bedroom units, and 2 three-bedroom units. This distribution suggests a focus on smaller households and potentially seniors or young professionals.
Over the past decade, the population in this zip code has shown fluctuations, with a notable increase from 25,905 in 2020 to 28,920 in 2022. The median income has also risen, from $74,543 in 2018 to $76,290 in 2022.
Racial demographics have remained relatively stable, with a slight increase in Hispanic population from 24% in 2020 to 27% in 2022, and a small decrease in the Black population from 13% to 11% during the same period. The White population has remained the majority at 56% in 2022.
The completion of Riverview Lofts in 2020 aligns with the recent population growth, suggesting a response to increased housing demand in the area.
Zip code 11901 in Riverhead, New York, has an established LIHTC funded affordable housing inventory, covering about 5.6% of the estimated housing stock. The area has seen consistent development of affordable housing over the past two decades, with a focus on smaller units. Recent population growth and income increases, coupled with slight shifts in racial demographics, suggest an evolving community that may continue to benefit from affordable housing options.
