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Affordable Housing in Zip Code 10705: Two Decades of LIHTC Development in Yonkers, 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 10705, located in Yonkers, New York, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 1,178 total units in LIHTC-funded projects, with 1,151 of these designated as low-income units. This zip code covers 2.21 square miles and had a population of 39,446 in 2022.
Based on the estimated housing inventory of 15,113 units, the LIHTC-funded affordable housing comprises approximately 7.8% of the zip code's housing stock. This percentage, while substantial, falls below the ideal 15-20% target for affordable housing.
The LIHTC projects in this zip code have received $7,463,371 in tax credits, averaging about $6,335 per unit in federal funding. Zip code 10705 accounts for 0.35% of New York State's total LIHTC funding, indicating a significant investment in affordable housing for this area.
Affordable housing has been a consistent feature of this zip code, with projects spanning from 1996 to 2019. The earliest recorded project was the Cluster Housing Development Fund, Inc., completed in 1996, while the most recent was the Schlobohm Walsh And Flynn Apts, finished in 2019. This 23-year span demonstrates a sustained commitment to affordable housing in the area.
The 2010s saw the most affordable housing activity, with notable projects including 330 Riverdale Avenue (2011), Ludlow Commons (2017), and Schlobohm Walsh And Flynn Apts (2019). The LIHTC-funded housing in this zip code offers a diverse range of unit types, including 20 efficiencies, 131 one-bedroom units, 149 two-bedroom units, and 25 three-bedroom units. This variety caters to different household sizes and needs within the low-income population.
Over the past decade, the zip code has experienced fluctuations in population, with a slight overall increase from 38,595 in 2010 to 39,446 in 2022. The median income has shown significant growth, rising from $56,446 in 2013 to $68,314 in 2022, representing a 21% increase. Racial demographics have shifted slightly, with the Hispanic population increasing from 54% in 2013 to 58% in 2022, while the White population decreased from 22% to 18% during the same period. The Black population remained relatively stable at around 15-16%.
The continued development of LIHTC projects throughout this period suggests an ongoing need for affordable housing despite the rise in median income. This could be attributed to the area's high population density and the persistent demand for affordable units among certain demographic groups.
Zip code 10705 in Yonkers, New York, demonstrates a substantial commitment to affordable housing through its LIHTC-funded projects. With 1,178 total units, of which 1,151 are low-income, these projects contribute significantly to meeting the area's affordable housing needs. The consistent development of LIHTC projects over more than two decades, coupled with demographic shifts and income growth, underscores the ongoing importance of affordable housing initiatives in this diverse and densely populated area.
