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Affordable Housing in Valley Stream: LIHTC Project Amidst Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Valley Stream in New York has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project provides 39 affordable housing units, with 29 designated as low-income units. The LIHTC-funded affordable housing represents approximately 0.25% of the city's estimated 15,436 housing units.
The city has received $624,130 in project tax credits from the LIHTC program for affordable housing. This amount equates to an average federal funding of $624,130 per project and $16,003 per unit. Valley Stream accounts for 0.03% of the total state LIHTC funding.
The single LIHTC-funded project in Valley Stream, Brooke Pointe At Valley Stream, was completed in 2017. This project marks the introduction of LIHTC-funded affordable housing in the city. The project consists of 39 total units, including 19 one-bedroom and 2 two-bedroom units, suggesting a focus on smaller households or individuals.
Valley Stream has experienced demographic changes over the past decade. The population increased from 37,541 in 2013 to 40,288 in 2022. The median income rose from $104,270 in 2013 to $114,316 in 2022, indicating an improvement in overall economic conditions.
Racial demographics in Valley Stream have shifted significantly during this period. The white population decreased from 38% in 2013 to 26% in 2022. The Black population increased from 17% to 25%, and the Asian population grew from 12% to 17%. The Hispanic population remained relatively stable, changing from 26% to 23%.
The introduction of the LIHTC-funded project in 2017 coincides with these demographic shifts, potentially addressing changing housing needs in the community. The rising median income and demographic changes may have influenced the decision to introduce affordable housing options to maintain diversity and accessibility in the housing market.
Valley Stream's LIHTC-funded affordable housing project represents a recent effort to address housing needs in the community. While the LIHTC-funded units cover a small percentage of the overall housing stock, they contribute to the city's efforts to maintain housing accessibility amidst evolving economic and demographic conditions.
