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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 10036, located in Manhattan, New York, contains a substantial Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area, situated near Times Square and the Theater District, encompasses 6,496 units in LIHTC-funded projects, with 2,458 designated as low-income units. Based on the 2022 population of 27,430 and an estimated 10,510 housing units, LIHTC-funded affordable housing comprises approximately 61.8% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 10036 have received $16,353,322 in tax credits, averaging about $2,517 per unit across all LIHTC-funded projects. This zip code holds 0.78% of New York state's total LIHTC funding, indicating a significant concentration of affordable housing investment in this area.
Affordable housing has been a consistent feature of zip code 10036, with the first LIHTC project, Times Square Hotel, completed in 1994, and the most recent, Gotham West, in 2013. This represents nearly two decades of continuous affordable housing development. The 2000s experienced the most affordable housing activity, with projects such as Theatre Row, Ivy Towers, and The Clinton completed during this period.
The LIHTC-funded projects in zip code 10036 offer a range of unit types. Of the total units, there are 2,343 efficiencies, 2,488 one-bedroom units, 883 two-bedroom units, and 90 three-bedroom units. This distribution suggests a focus on accommodating smaller households and singles, aligning with the urban character of Manhattan.
Over the past decade, zip code 10036 has experienced significant population growth, increasing from 20,550 in 2013 to 27,430 in 2022. Median income has also risen, from $87,865 in 2013 to $103,782 in 2022. Despite this economic growth, the area has maintained a diverse racial composition. The white population has decreased from 59% in 2013 to 51% in 2022, while the Hispanic and Asian populations have seen modest increases.
The substantial LIHTC-funded housing stock in zip code 10036 has likely contributed to maintaining economic diversity despite rising incomes. The continued presence of affordable housing options may have allowed lower-income residents to remain in the area even as overall income levels increased.
Zip code 10036 in Manhattan demonstrates a significant commitment to affordable housing through the LIHTC program. With LIHTC-funded units covering over 60% of the estimated housing inventory, this area has a robust affordable housing presence. The diverse unit types cater to various household sizes, while the long history of LIHTC projects reflects a sustained effort to maintain affordable options in this urban environment. Despite rising incomes and population growth, the area has maintained racial diversity, possibly supported by the substantial affordable housing stock. This zip code serves as an example of how consistent investment in affordable housing can contribute to maintaining a diverse community in a high-cost urban area.