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Affordable Housing in Zip Code 11763: LIHTC Impact on Medford, 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 11763, encompassing Medford in New York, houses a population of 28,469 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded 248 affordable housing units in this area, all of which are categorized as low-income units. These LIHTC-funded units represent approximately 2.27% of the zip code's estimated housing inventory of 10,908 units.
The LIHTC program has allocated $1,263,005 in tax credits to projects in zip code 11763, accounting for about 0.06% of New York state's total LIHTC funding. This allocation translates to an average federal funding of $5,092 per affordable unit. LIHTC-funded affordable housing projects in this zip code span from 2002 to 2007, indicating a 5-year period of affordable housing development.
The 2000s were the most active decade for LIHTC projects in this area. Significant projects include Medford Landing, completed in 2002, and Medford Hamlet Assisted Living Facility, finished in 2007. The housing inventory comprises 72 efficiencies, 32 one-bedroom units, and 72 two-bedroom units, offering a variety of housing options for different household sizes.
The population in zip code 11763 has remained relatively stable over the past decade, fluctuating between 27,529 and 28,773. The median income has shown an overall upward trend, increasing from $95,907 in 2017 to $96,939 in 2022, with a peak of $113,453 in 2021. This rise in median income may suggest a potential decrease in demand for affordable housing.
Racial demographics in the zip code have experienced slight shifts. The white population has decreased from 63% in 2017 to 59% in 2022, while the Hispanic population has increased from 23% to 26% during the same period. The Black population has remained relatively stable at around 10-11%. These changes in racial composition may indicate evolving housing needs within the community.
In summary, zip code 11763 in Medford, New York, has a modest LIHTC-funded affordable housing inventory, covering about 2.27% of its estimated housing stock. The area received over $1.2 million in LIHTC funding, primarily during the 2000s. While the population has remained stable, rising median incomes and slight shifts in racial demographics may influence future affordable housing needs. The existing LIHTC projects provide a mix of unit types, contributing to the area's housing diversity.
