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Affordable Housing in Zip Code 10007: LIHTC Funding and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 10007, located in Manhattan, New York, contains a significant inventory of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. This area comprises 339 total units in LIHTC-funded projects, with 192 designated as low-income units. The LIHTC-funded affordable housing represents approximately 8.4% of the zip code's estimated housing stock of 4,035 units.
The LIHTC projects in zip code 10007 have received $936,294 in project tax credits, averaging about $2,762 per unit in federal funding. This amount constitutes 0.04% of the total state LIHTC funding, indicating a modest investment in affordable housing for this area. The affordable housing presence in this zip code spans nearly two decades, with the first LIHTC projects completed in 1994 and the most recent in 2010.
The LIHTC-funded housing inventory in zip code 10007 offers a diverse range of unit types. It includes 38 efficiencies, 85 one-bedroom units, 106 two-bedroom units, and 22 three-bedroom units. This variety caters to different household sizes and needs within the low-income population.
The population in zip code 10007 has shown significant growth over the past decade, increasing from 9,065 in 2013 to 10,532 in 2022. Despite this population increase, no new LIHTC projects have been developed since 2010. The median income has remained relatively stable, hovering around $170,000 throughout this period, which is considerably higher than typical affordable housing thresholds.
Racial demographics in zip code 10007 have experienced some shifts. The Asian population increased from 15% to 20% between 2013 and 2022, while the white population decreased slightly from 64% to 61%. The Hispanic and Black populations have also seen modest increases. These demographic changes may indicate evolving housing needs in the area.
Zip code 10007 in Manhattan has a notable LIHTC-funded affordable housing presence, covering about 8.4% of the estimated housing stock. The area has seen no new LIHTC developments since 2010, despite population growth and demographic shifts. The existing affordable housing stock offers a range of unit sizes, reflecting diverse household needs. The changing demographics suggest potential for evolving affordable housing needs in this zip code.
