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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Getty Square, a neighborhood in Yonkers, New York, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 1,743 total units in LIHTC-funded projects, with 1,559 of these designated as low-income units. Based on the 2022 population of 27,338 and an estimated 10,474 housing units, the LIHTC-funded affordable housing covers approximately 16.6% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $10,127,524 in tax credits for affordable housing projects in Getty Square. This translates to an average federal funding of about $5,811 per unit. The neighborhood has seen a consistent development of affordable housing over nearly three decades, with the earliest recorded project, "Gfi/ 74 Warburton," completed in 1994, and the most recent projects, "Troy & Kristensen" and "Wfha Westchester Restoration Lp," finished in 2020.
The 2010s saw the most activity in affordable housing development, with projects like "Ashburton Senior Apts" and "Cromwell Towers" in 2011, "Warburton Riverview" in 2012, "Yonkers Apts" in 2013, and "Ludlow Commons" in 2017. This decade of development significantly expanded the affordable housing options in Getty Square.
The LIHTC-funded projects in Getty Square offer a diverse range of unit types to accommodate various household sizes. The inventory includes 103 efficiencies, 677 one-bedroom units, 721 two-bedroom units, 223 three-bedroom units, and 19 four-bedroom units. This distribution suggests a focus on smaller households, with a significant number of units suitable for families.
Over the past decade, Getty Square has experienced notable demographic shifts. The population has grown from 22,961 in 2015 to 27,338 in 2022, indicating an increasing demand for housing. Concurrently, the median income has risen from $30,989 in 2015 to $52,835 in 2022, potentially impacting affordability needs.
Racial demographics have remained relatively stable, with a slight decrease in the Hispanic population from 52% in 2015 to 51% in 2022, and a small increase in the Black population from 30% to 32% during the same period. The Asian population has decreased from 4% to 2%, while the White population has remained steady at around 9-10%.
The continued development of LIHTC projects through 2020 aligns with the neighborhood's population growth and evolving demographics, suggesting an ongoing need for affordable housing options despite the rise in median income.
Getty Square demonstrates a sustained commitment to affordable housing through LIHTC-funded projects. The neighborhood's inventory of 1,743 total units, with 1,559 low-income units, represents a significant portion of the estimated housing stock. The consistent development of affordable housing over nearly three decades, particularly in the 2010s, has helped address the needs of a growing and diverse population. The variety of unit types available caters to different household sizes, reflecting the neighborhood's demographic composition. As Getty Square continues to evolve, the LIHTC program remains a crucial tool in maintaining affordable housing options for its residents.