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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Coram, a community in New York state, has implemented the Low-Income Housing Tax Credit (LIHTC) program to provide affordable housing. The LIHTC inventory in Coram consists of 400 total units, with 384 designated as low-income units. This represents approximately 2.48% of the city's estimated total housing stock of 16,157 units.
The LIHTC program in Coram has received $1,900,165 in project tax credits. With three approximate projects, this amounts to an average federal funding of $633,388 per project and $4,750 per unit. Coram accounts for 0.09% of the total state LIHTC funding, indicating its contribution to New York's affordable housing initiatives.
The development of LIHTC-funded housing in Coram spans from 2000 to 2016, encompassing a 16-year period. The earliest project, Island View Apartments, was completed in 2000, while the most recent, Wincoram Commons, was finished in 2016. The 2010s saw the highest activity in affordable housing development, with two projects completed during this decade.
The LIHTC inventory in Coram includes a variety of unit types. The distribution consists of 90 one-bedroom units, 183 two-bedroom units, and 82 three-bedroom units, accommodating various household sizes and needs.
Coram's population has grown modestly over the past decade, increasing from 39,926 in 2013 to 42,169 in 2022. The median income has fluctuated, changing from $95,258 in 2013 to $93,895 in 2022. Racial demographics have shifted, with the white population decreasing from 71% in 2013 to 59% in 2022. The Hispanic population has increased from 13% to 19%, and the Black population has risen from 7% to 12% during the same period. The Asian population has remained relatively stable at around 4-5%.
These demographic changes, particularly the increase in minority populations and the relatively stable median income, may have influenced the demand for affordable housing in Coram, potentially contributing to the development of LIHTC projects during this period.
Coram's LIHTC-funded affordable housing inventory represents a significant effort to address the community's housing needs. The program's 400 total units and 384 low-income units cover about 2.48% of the estimated housing stock. The city has received nearly $2 million in tax credits, demonstrating a substantial investment in affordable housing. The development of LIHTC projects from 2000 to 2016 aligns with demographic shifts, including population growth and increasing diversity. While the LIHTC program has made a notable contribution, it is important to recognize that other housing initiatives may also be contributing to the city's overall affordable housing landscape.