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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 10701, located in Yonkers, New York, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. With 2,736 total units in LIHTC funded projects, including 2,255 designated low-income units, this zip code has made substantial efforts to provide affordable housing options. Based on the estimated 25,430 housing units in the zip code, LIHTC funded affordable housing covers approximately 10.8% of the total housing inventory.
The LIHTC projects in this zip code have received $18,970,595 in tax credits, averaging about $6,934 in federal funding per unit. This zip code holds 0.9% of the total state LIHTC funding, indicating a significant concentration of affordable housing investment in this area.
Affordable housing has been a long-standing priority in this zip code, with projects spanning from 1994 to 2020. The first LIHTC project, "Gfi/ 74 Warburton," was completed in 1994, while the most recent projects, "Troy & Kristensen" and "Wfha Westchester Restoration Lp," were finished in 2020. This 26-year period demonstrates a consistent commitment to developing affordable housing.
The 2010s saw the most affordable housing activity, with multiple projects completed throughout the decade. Notable projects from this period include "Ashburton Senior Apts" and "Cromwell Towers" in 2011, "P. S. 6" in 2015, and "188 Warburton" in 2016.
The LIHTC funded housing in this zip code offers a diverse range of unit types. Of the 2,736 total units, there are 185 efficiencies, 966 one-bedroom units, 1,026 two-bedroom units, 387 three-bedroom units, and 73 four-bedroom units. This variety caters to different household sizes and needs within the community.
Over the past decade, the zip code has experienced population growth, increasing from 58,339 in 2015 to 66,372 in 2022. Median income has also risen, from $53,729 in 2015 to $63,727 in 2022, indicating improving economic conditions.
The racial composition has shifted slightly, with the Hispanic population increasing from 43% in 2015 to 50% in 2022, while the White population decreased from 28% to 23%. The Black population remained relatively stable at around 22-23%. This demographic shift may have influenced the continued development of affordable housing to meet changing community needs.
Zip code 10701 in Yonkers, New York, has a substantial LIHTC funded affordable housing inventory, covering about 10.8% of the estimated total housing units. With a diverse range of unit types and sizes, these projects cater to various household needs. The consistent development of affordable housing over 26 years, coupled with recent population growth and demographic changes, underscores the ongoing importance of affordable housing in this community. The significant investment in LIHTC projects, representing 0.9% of the state's total funding, highlights this zip code's commitment to providing affordable housing options for its residents.