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Affordable Housing in Zip Code 10010: LIHTC Funded Inventory and Demographic Trends
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 10010 in Manhattan, New York, contains a significant inventory of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. This area has 1,537 total units in LIHTC funded projects, with 512 designated as low-income units. Based on the 2022 population of 31,869 and an estimated 12,210 housing units, LIHTC funded affordable housing comprises approximately 12.6% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 10010 have received $6,647,512 in tax credits, averaging about $4,325 in federal funding per unit. This zip code accounts for 0.32% of New York state's total LIHTC funding, indicating a notable concentration of affordable housing investment in this area.
Affordable housing has been a consistent feature of zip code 10010, with LIHTC projects developed from 1996 to 2010. The initial LIHTC project, Friends House, was completed in 1996, while the most recent, Courtlandt Corners, was finished in 2010. The 2000s witnessed the most significant affordable housing development, with five projects completed during this decade.
The LIHTC funded projects in zip code 10010 offer a diverse range of unit types. Of the 1,537 total units, there are 248 efficiencies, 475 one-bedroom units, 365 two-bedroom units, 102 three-bedroom units, and 6 four-bedroom units. This distribution suggests an emphasis on accommodating various household sizes, particularly smaller households.
Over the past decade, zip code 10010 has experienced population growth, increasing from 28,560 in 2013 to 31,869 in 2022. The median income has also risen, from $118,979 in 2013 to $128,753 in 2022. Despite this growth in population and income, no new LIHTC projects have been completed since 2010.
Racial demographics in zip code 10010 have remained relatively stable, with some minor shifts. The white population has slightly decreased from 66% in 2013 to 60% in 2022. The Asian population has seen a slight increase from 14% to 16%, while the Black population has grown from 3% to 8%. The Hispanic population has remained relatively constant, shifting from 10% to 11% during this period.
Zip code 10010 in Manhattan has a substantial LIHTC funded affordable housing inventory, covering about 12.6% of the estimated housing units. The area has received significant investment through the LIHTC program, with projects spanning from 1996 to 2010. The housing stock offers a variety of unit types, catering to different household sizes. Despite population growth and rising median incomes over the past decade, no new LIHTC projects have been completed since 2010. The racial demographics have shown some shifts, with slight decreases in the white population and increases in Asian and Black populations.
