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Affordable Housing in Zip Code 10512: Two Decades of LIHTC Development in Carmel, New York
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 10512 in Carmel, New York, contains a significant number of Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. The area has 268 units in LIHTC-funded projects, with 256 designated as low-income units. These units represent approximately 3.1% of the total housing stock in the zip code, estimated at 8,595 units.
LIHTC projects in zip code 10512 have received $2,704,000 in project tax credits, averaging $10,090 per unit. This funding accounts for 0.13% of the total LIHTC credits allocated to New York State, indicating a modest but notable investment in affordable housing for this area.
Affordable housing development in this zip code spans over two decades. The first LIHTC project, Gleneida Court Phase II, was completed in 1999, while the most recent, Hillcrest Commons Phase 2, was finished in 2020. This 21-year period demonstrates a sustained commitment to affordable housing development. The 2010s were particularly active, with two projects completed: Hillcrest Commons Senior Apts in 2012 and Hillcrest Commons Phase 2 in 2020.
The LIHTC-funded projects in zip code 10512 primarily consist of one-bedroom and two-bedroom units. There are 163 one-bedroom units and 51 two-bedroom units, suggesting a focus on housing for smaller households or individuals.
Over the past decade, the population in zip code 10512 has slightly declined, from 23,700 in 2014 to 22,432 in 2022. Despite this decrease, the median income has remained relatively stable, fluctuating between $101,050 and $112,425. The racial composition has experienced minor shifts, with a slight decrease in the white population (from 81% to 75%) and small increases in Hispanic (12% to 17%) and Black (2% to 3%) populations.
The completion of two LIHTC projects in the 2010s aligns with these demographic changes, potentially addressing the evolving housing needs of a more diverse population. The focus on one-bedroom units may cater to the aging population or smaller households within the community.
Zip code 10512 in Carmel, New York, has a modest but significant LIHTC-funded affordable housing inventory, covering about 3.1% of the estimated housing stock. The area has seen consistent development of affordable housing over two decades, with a focus on smaller units. While the population has slightly decreased, the median income has remained high, and there has been a gradual increase in racial diversity. The LIHTC projects appear to be responding to these demographic shifts, providing necessary affordable housing options in an area with relatively high median incomes.
