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Affordable Housing in Zip Code 11020: LIHTC Funded Projects in Lake Success
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lake Success, located in zip code 11020, is a community in New York state with a population of 5,836 as of 2022. This zip code has a LIHTC funded affordable housing inventory of 102 total affordable units, all of which are designated as low-income units. Based on the estimated 2,236 housing units in the zip code, the LIHTC funded affordable housing covers approximately 4.56% of the total housing inventory.
The LIHTC projects in zip code 11020 have received $1,769,791 in project tax credits, which translates to an average federal funding of about $17,351 per unit. This funding represents 0.08% of the total state LIHTC funding, indicating a modest investment in affordable housing for this area.
The zip code has two LIHTC funded projects: Spinney Hill Homes I and Spinney Hill Homes II. Both projects were completed in 2010, marking the beginning of LIHTC funded affordable housing in this area. The 2010s were the most active decade for affordable housing development in this zip code.
The affordable housing inventory in zip code 11020 includes a diverse mix of unit types. There are 34 efficiencies, 1 one-bedroom unit, 42 two-bedroom units, 9 three-bedroom units, and 7 four-bedroom units. This distribution suggests an effort to accommodate various household sizes and needs within the community.
Over the past decade, the population in zip code 11020 has remained relatively stable, fluctuating between about 5,600 and 6,200 residents. The median income has shown an upward trend, rising from $138,389 in 2013 to $152,889 in 2022, indicating a growing affluence in the area.
The racial composition of zip code 11020 has evolved over the last decade. The Asian population has increased from 24% in 2013 to 37% in 2022, while the White population has decreased from 49% to 37% during the same period. The Black population has increased from 8% to 15%. These demographic shifts may influence future affordable housing needs and policies in the area.
Zip code 11020 in Lake Success has a notable LIHTC funded affordable housing presence, with 102 low-income units developed in 2010. These units represent about 4.56% of the estimated housing inventory. The area has received federal funding for these projects, amounting to over $1.7 million. The diverse mix of unit types suggests an effort to meet various housing needs. While the median income has risen over the past decade, demographic shifts, particularly in racial composition, may influence future affordable housing requirements in this community.
