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Affordable Housing Analysis in Brooklyn's 11216 Zip Code: Three Decades of LIHTC Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The 11216 zip code in Brooklyn, encompassing Bedford-Stuyvesant, contains a substantial inventory of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area has 1,820 total units in LIHTC-funded projects, with 1,534 designated as low-income units. LIHTC-funded affordable housing comprises approximately 7.7% of the estimated 23,634 housing units in the zip code.
LIHTC projects in this zip code have received $13,169,778 in tax credits, averaging $7,236 in federal funding per unit. The zip code holds 0.62% of New York State's total LIHTC funding, indicating a significant concentration of affordable housing investment in this area.
Affordable housing development in this zip code spans nearly three decades. The earliest LIHTC projects, "Bk 2-M" and "Bk 3-V Phase I," were completed in 1990. The most recent project, "PH Halsey Hancock Apartments," was completed in 2019. The 1990s saw the most significant affordable housing development activity, with projects like "Mahood-Hawkins Houses" and "The Alhambra" being completed.
The LIHTC-funded housing stock in zip code 11216 is diverse, including 182 efficiencies, 238 one-bedroom units, 285 two-bedroom units, 118 three-bedroom units, and 33 four-bedroom units, accommodating various household sizes and needs.
The zip code has experienced notable demographic shifts over the past decade. The population increased from 54,380 in 2014 to 61,685 in 2022, a growth of 13.4%. During this period, the median income rose from $58,946 in 2014 to $77,790 in 2022, a 32% increase.
Racial demographics in zip code 11216 have changed significantly. The Black population decreased from 68% in 2014 to 45% in 2022, while the White population increased from 15% to 30%. The Hispanic population increased slightly from 10% to 13%. These changes suggest ongoing gentrification in the area.
Despite rising incomes, the continued development of LIHTC projects through 2019 indicates an ongoing need for affordable housing, possibly to maintain economic diversity in the face of gentrification pressures.
The 11216 zip code in Brooklyn has a substantial LIHTC-funded affordable housing inventory, covering 7.7% of the estimated housing stock. With nearly three decades of continuous development and diverse unit types, these projects play a crucial role in maintaining affordable housing options in an area experiencing significant demographic and economic changes. The ongoing investment in LIHTC projects, even as median incomes rise, underscores the importance of preserving affordability in this rapidly changing neighborhood.
