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Affordable Housing in Zip Code 10505: LIHTC Funding and Housing Landscape
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 10505, located in Shenorock, New York, exhibits a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 148 affordable housing units, all classified as low-income units. These units represent approximately 63% of the zip code's estimated housing inventory, based on a total of about 235 units for the 2022 population of 614. This high proportion indicates the substantial role of LIHTC funded affordable housing in the area's housing landscape.
The LIHTC program has allocated $2,207,689 in tax credits for affordable housing projects in zip code 10505. This equates to an average federal funding of $14,916 per unit. The zip code accounts for 0.1% of the total state LIHTC funding, highlighting its relative importance in New York's affordable housing initiatives.
LIHTC funded affordable housing development in this zip code occurred between 2011 and 2015. The initial project, "Mews At Baldwin Place," was completed in 2011, while the most recent project, "Somers Senior (The Mews At Baldwin Pl)," was finished in 2015. This four-year span represents the decade with the highest number of completed affordable housing projects in the zip code.
The affordable housing inventory in zip code 10505 comprises a mix of unit types. It includes 61 efficiencies and 87 one-bedroom units, accommodating various household sizes and needs. Neither project specifies a target population.
Over the past decade, zip code 10505 has experienced population fluctuations, with an overall upward trend from 483 in 2013 to 614 in 2022. The median income has varied, ranging from a high of $146,348 in 2013 to $118,011 in 2022.
Racial demographics have remained relatively stable. The white population has consistently represented the majority, though decreasing slightly from 81% in 2013 to 77% in 2022. The Hispanic population has increased modestly from 5% to 12% during this period, while other racial groups have maintained relatively consistent representation.
The completion of LIHTC projects in 2011 and 2015 coincides with a period of population growth and high median incomes in the area, suggesting a proactive approach to maintaining housing affordability in a potentially gentrifying area.
Zip code 10505 demonstrates a significant commitment to affordable housing through its LIHTC funded projects. With 148 low-income units representing about 63% of the estimated housing inventory, these projects play a crucial role in the area's housing landscape. The zip code has received substantial federal funding for these projects, accounting for 0.1% of New York's total LIHTC allocation. The housing stock is diverse, with a mix of efficiencies and one-bedroom units, catering to various household needs. The presence of LIHTC funded housing appears to be a stabilizing factor in maintaining affordability in this relatively high-income area, despite some demographic shifts over the past decade.
