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Affordable Housing in Zip Code 11434: LIHTC Funded Projects in Queens, 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
Queens zip code 11434 contains a LIHTC-funded affordable housing inventory of 191 total units, with 166 designated as low-income units. The area's population reached 66,626 residents in 2022. The estimated housing inventory of 25,527 units includes approximately 0.75% LIHTC-funded affordable housing stock. This percentage indicates that LIHTC projects contribute to affordable housing in the area, though additional programs may supplement the inventory.
The LIHTC projects in zip code 11434 have received $2,618,875 in tax credits, averaging about $13,711 per unit. This funding represents 0.12% of the total state LIHTC allocation. The zip code experienced LIHTC-funded affordable housing development from 2015 to 2018, with three projects completed during this period. The first project, Locust Manor Family Residence, was completed in 2015, and the most recent, The Pavilion At Locust Manor, was finished in 2018.
The LIHTC-funded housing stock in zip code 11434 consists of 8 efficiencies, 88 one-bedroom units, and 95 two-bedroom units. This distribution indicates a focus on accommodating small families and individuals. Over the past decade, the zip code has experienced population fluctuations with an overall growth trend. The median income has shown an upward trajectory, rising from $68,399 in 2013 to $73,871 in 2022. This increase in median income coincides with the period of LIHTC project development.
The racial demographics of zip code 11434 have remained relatively stable, with a predominantly Black population. There has been a slight decrease in the Black population percentage from 86% in 2013 to 78% in 2022, and a small increase in Hispanic and Asian populations. This gradual diversification aligns with the timeframe of LIHTC project development, suggesting that the affordable housing initiatives may be supporting a more diverse community.
Zip code 11434 in Queens has benefited from LIHTC investments, resulting in 191 affordable housing units built between 2015 and 2018. These projects represent a small percentage of the estimated housing stock but provide crucial low-income housing options. The area has experienced population growth and increasing median income, potentially driving the need for affordable housing. The racial composition, while still predominantly Black, has shown slight shifts towards greater diversity. These LIHTC projects appear to be responding to and potentially facilitating these demographic changes, contributing to the evolving housing needs of the community.
