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Affordable Housing in Ludlow, Yonkers: A Two-Decade LIHTC Investment Analysis
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Ludlow, a neighborhood in Yonkers, New York, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 1,057 total units in LIHTC-funded projects, with 1,045 of these designated as low-income units. This inventory plays a crucial role in addressing the neighborhood's affordable housing needs.
Based on the 2022 population of 14,126 and using the national average household size, Ludlow has approximately 5,412 housing units. The LIHTC-funded affordable housing covers about 19.5% of this estimated housing inventory, aligning closely with the target percentage for a well-balanced community.
The LIHTC program has invested significantly in Ludlow, with project tax credits totaling $5,483,494. This translates to an average federal funding of approximately $5,188 per unit in LIHTC-funded projects, demonstrating a substantial commitment to affordable housing in the area.
Affordable housing has been a longstanding feature of Ludlow, with projects spanning from 1996 to 2019. The earliest project, Cluster Housing Development Fund, Inc., was completed in 1996, while the most recent, Schlobohm Walsh And Flynn Apts, was finished in 2019. This 23-year span indicates a sustained effort to provide affordable housing options in the neighborhood.
The 2010s saw the most activity in affordable housing development, with two projects completed during this decade: 330 Riverdale Avenue in 2011 and Schlobohm Walsh And Flynn Apts in 2019.
The LIHTC-funded projects in Ludlow offer a diverse range of unit types. The inventory includes 19 efficiencies, 40 one-bedroom units, 120 two-bedroom units, and 25 three-bedroom units. This variety caters to different household sizes and needs within the low-income population.
Over the past decade, Ludlow's population has remained relatively stable, with a slight decrease from 15,051 in 2010 to 14,126 in 2022. The median income has shown a significant increase, rising from $46,407 in 2013 to $63,225 in 2022. This upward trend in income might suggest a changing economic landscape in the neighborhood.
Racial demographics have also shifted. The Hispanic population has remained the largest group, increasing slightly from 61% in 2013 to 63% in 2022. The White population has remained stable at around 20%, while the Black population has seen a slight increase from 11% to 12%. The Asian population has decreased from 4% to 3% during this period.
The completion of the Schlobohm Walsh And Flynn Apts project in 2019 coincides with these demographic shifts, potentially addressing evolving housing needs in the community.
Ludlow's LIHTC-funded affordable housing inventory represents a significant portion of the neighborhood's estimated housing stock, closely aligning with recommended targets for balanced communities. The long-term presence of affordable housing projects, spanning over two decades, demonstrates a consistent commitment to addressing low-income housing needs. The diverse unit types available cater to various household sizes within the low-income population. While the neighborhood has experienced demographic shifts, including rising median incomes and slight changes in racial composition, the continued development of affordable housing projects suggests an ongoing effort to meet the community's evolving needs.
