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Affordable Housing in Zip Code 10576: Scotts Corners's LIHTC-Funded Units
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 10576, which encompasses Scotts Corners in New York, features a unique landscape of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. This zip code contains 12 affordable housing units, all of which are classified as low-income units. These units constitute approximately 0.57% of the estimated 2,100 housing units in the area.
The LIHTC program has allocated $240,000 in project tax credits for affordable housing in zip code 10576. This equates to an average federal funding of $20,000 per unit. This investment represents 0.01% of New York State's total LIHTC funding allocation.
Scotts Ridge, the only LIHTC project in the area, was completed in 2008, establishing over a decade of affordable housing presence in the zip code. This project consists entirely of 12 efficiency units, addressing a specific housing need within the community.
Zip code 10576 has experienced subtle demographic shifts over the past decade. The population has decreased slightly, from 5,650 in 2015 to 5,481 in 2022. Despite this minor population decline, the median income has remained relatively stable, fluctuating between $188,671 in 2015 and $190,202 in 2022.
The racial composition of zip code 10576 has shown some changes. The white population has decreased from 91% in 2015 to 85% in 2022. Concurrently, there has been a small increase in diversity, with the Hispanic population growing from 3% to 6%, and those identifying as two or more races increasing from 0% to 4% during the same period.
These demographic trends, particularly the high median income and relatively stable population, may explain why additional LIHTC projects have not been developed in zip code 10576 over the past decade. The existing affordable housing units continue to serve a specific segment of the population, while the overall community maintains a high income level.
Zip code 10576 presents a unique case of affordable housing provision through the LIHTC program. With a single project providing 12 efficiency units, the affordable housing stock represents a small but significant portion of the community's housing landscape. The area's high median income and stable population suggest a limited need for extensive affordable housing development. However, the presence of these units ensures that a diverse range of housing options is available to residents, contributing to the overall housing balance in this affluent New York community.
