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Affordable Housing in Zip Code 11550: A Two-Decade Development Analysis
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 11550, located in Hempstead, New York, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This zip code encompasses 4.13 square miles and had a population of 60,846 in 2022. The area contains 1,438 total units in LIHTC funded projects, with 1,427 of these designated as low-income units. Based on the national average household size of 2.61, an estimated 23,313 housing units exist in this zip code. The LIHTC funded affordable housing comprises approximately 6.17% of the estimated housing inventory in zip code 11550.
The LIHTC projects in zip code 11550 have received $8,030,799 in project tax credits, averaging approximately $5,584 per unit in federal funding. This zip code holds 0.38% of the total state LIHTC funding, indicating a notable concentration of affordable housing investment in this area. Affordable housing has been present in this zip code since at least 1995, with the completion of Colonna House. The most recent project listed is Greater Hempstead, completed in 2014, demonstrating nearly two decades of affordable housing development.
The affordable housing inventory in zip code 11550 is diverse, consisting of 66 efficiencies, 927 one-bedroom units, 363 two-bedroom units, 15 three-bedroom units, and 8 four-bedroom units. This distribution suggests a focus on accommodating smaller households and families. The 2000s saw the most affordable housing projects completed, with notable developments including Clinton Plaza Senior Housing Project (2005), Park Lake Apts and Jackson Terrace (both in 2006), and Woodsedge Apts (2007).
Over the last decade, the population in zip code 11550 has grown from 56,856 in 2013 to 60,846 in 2022, indicating a steady increase in demand for housing. The median income has also risen significantly, from $67,328 in 2013 to $78,434 in 2022, which may impact the need for affordable housing.
The racial demographics in zip code 11550 have remained relatively stable, with a slight increase in the Hispanic population (from 40% in 2013 to 44% in 2022) and a small decrease in the Black population (from 45% in 2013 to 44% in 2022). The White population has decreased slightly from 9% to 7% during this period. These demographic shifts may influence the demand for diverse and affordable housing options.
Zip code 11550 in Hempstead, New York, has a substantial LIHTC funded affordable housing inventory, covering about 6.17% of the estimated housing units. The area has seen consistent development of affordable housing projects over nearly two decades, with a concentration of activity in the 2000s. The diverse unit mix caters to various household sizes, with a focus on smaller units. While the population and median income have increased over the past decade, the racial composition has remained relatively stable, with slight shifts in the Hispanic and Black populations. These demographic trends may continue to shape the need for affordable housing in zip code 11550.
