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Affordable Housing in Manhattan's 10023 Zip Code: LIHTC Program Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 10023, located on Manhattan's Upper West Side, contains a significant inventory of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. This area, adjacent to Central Park and Lincoln Center, encompasses 2,049 units in LIHTC-funded projects, with 805 units designated as low-income. The LIHTC-funded affordable housing represents approximately 8.4% of the estimated 24,343 housing units in the zip code.
The LIHTC projects in zip code 10023 have received $9,276,226 in tax credits, averaging $4,527 in federal funding per unit. This allocation constitutes 0.44% of New York state's total LIHTC funding. Affordable housing has been a consistent feature of this area since 1995, when the first LIHTC project, Manhattan West, was completed. The most recent projects, 175 West 60th Street and Riverside Site 2, were both completed in 2016, indicating over two decades of affordable housing development. The 2010s witnessed the highest activity, with four projects completed during this period.
The LIHTC-funded housing stock in zip code 10023 offers diverse unit types. Of the 2,049 total units, there are 390 efficiencies, 946 one-bedroom units, 500 two-bedroom units, 32 three-bedroom units, and 1 four-bedroom unit. This distribution indicates a focus on accommodating smaller households and families.
The population in zip code 10023 has grown from 60,915 in 2015 to 63,535 in 2022, demonstrating a steady increase in residents. The median income has remained relatively stable, fluctuating between approximately $146,000 and $150,000 during this period.
The racial composition of zip code 10023 has experienced shifts. The white population decreased from 75% in 2015 to 67% in 2022, while the Asian population increased from 8% to 14% during the same period. The Hispanic and Black populations have remained relatively stable at around 10% and 4% respectively.
Zip code 10023 in Manhattan demonstrates a significant commitment to affordable housing through the LIHTC program. With 2,049 units across nine projects, representing 8.4% of the estimated housing stock, this area has made progress in providing affordable options. The consistent development of LIHTC projects over two decades, coupled with demographic shifts, reflects an ongoing effort to maintain economic diversity in this high-income area of New York City. The variety of unit types suggests an attempt to cater to different household sizes within the affordable housing framework.
