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Affordable Housing Analysis: LIHTC Impact in Manhattan's Zip Code 10018
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 10018, located in Manhattan, New York, contains a significant LIHTC-funded affordable housing inventory. This area encompasses 2,054 total units in LIHTC-funded projects, with 378 designated as low-income units. Based on the 2022 population of 9,678 and an estimated housing inventory of 3,708 units, the LIHTC-funded projects represent approximately 55.4% of the zip code's housing stock. This substantial presence of affordable housing indicates a significant contribution to the area's housing needs.
The LIHTC program has invested $5,205,018 in tax credits for affordable housing projects in this zip code. This investment translates to an average federal funding of about $2,534 per unit across all LIHTC-funded projects. Notably, this zip code accounts for 0.25% of the total LIHTC funding allocated to New York State, highlighting its importance in the state's affordable housing landscape.
The first LIHTC project in this zip code was completed in 1998, with the most recent project finished in 2012. This 14-year span demonstrates a sustained commitment to affordable housing development in the area. The 2010s saw the most significant activity, with three projects completed during this decade: "455 West 37th Street Apts" (2009), "350 West 37th St (Tower)" (2010), and "505 West 37th Street" (2010).
The LIHTC-funded housing inventory in this zip code is diverse, comprising 373 efficiencies, 1,246 one-bedroom units, 381 two-bedroom units, and 2 three-bedroom units. This distribution suggests a focus on accommodating smaller households and individuals.
Over the past decade, zip code 10018 has experienced significant population growth, increasing from 7,291 in 2013 to 9,678 in 2022. Concurrently, the median income has risen substantially, from $111,080 in 2013 to $134,074 in 2022. This income growth may partially explain the lack of new LIHTC projects since 2012, as the area's overall economic profile has improved.
The racial composition of zip code 10018 has remained relatively stable, with a slight increase in the white population (from 47% in 2013 to 47% in 2022) and a decrease in the Hispanic population (from 18% in 2013 to 14% in 2022). The Asian population has also seen a slight increase (from 25% in 2013 to 28% in 2022), while the Black population has decreased marginally (from 8% in 2013 to 7% in 2022).
Zip code 10018 in Manhattan demonstrates a substantial LIHTC-funded affordable housing presence, with these projects accounting for over half of the estimated housing stock. The area has seen consistent development of affordable housing from 1998 to 2012, with a focus on smaller units. Despite the lack of new LIHTC projects in recent years, the existing inventory continues to play a crucial role in providing affordable housing options. The zip code's demographic trends, including population growth and increasing median income, provide context for the evolving housing needs in this dynamic urban area.
