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Affordable Housing Analysis in Brooklyn's Zip Code 11224: A Hub for LIHTC-Funded Projects
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 11224, located in Brooklyn, New York, contains a significant inventory of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. This area, which includes Coney Island, has 2,513 total units in LIHTC-funded projects, with 2,404 designated as low-income units. The LIHTC-funded affordable housing comprises approximately 13.1% of the estimated 19,129 housing units in the zip code, substantially contributing to the local affordable housing stock.
The LIHTC program has made a considerable investment in zip code 11224, with project tax credits totaling $13,063,551. This equates to an average federal funding of about $5,198 per unit in LIHTC-funded projects. Notably, this zip code accounts for 0.62% of the total LIHTC funding allocated to New York State, indicating its significance in the state's affordable housing landscape.
Affordable housing has been a persistent feature of this community since 1991 when the first LIHTC project, Abraham Resid I, was completed. The most recent project, Surf Vets Place, was finished in 2017. The 2000s saw the highest number of affordable housing project completions, including notable developments such as Sea Park North, Sea Park East, Sea Park West, and Oceangate.
The LIHTC-funded housing in zip code 11224 offers a diverse range of unit types. The 2,513 total units consist of 249 efficiencies, 622 one-bedroom units, 602 two-bedroom units, 483 three-bedroom units, and 116 four-bedroom units. This variety accommodates different household sizes and needs within the low-income population.
Over the past decade, the population in zip code 11224 has fluctuated, with a notable increase from 46,464 in 2020 to 49,927 in 2022. The median income has also risen, from $36,376 in 2013 to $45,061 in 2022, suggesting gradual economic improvement in the area.
Racial demographics have remained relatively stable. The white population decreased slightly from 53% in 2013 to 49% in 2022. The Hispanic population increased from 14% to 19% during the same period, while the Black population decreased from 23% to 19%. The Asian population has remained relatively stable, ranging between 7-9%.
These demographic shifts, particularly the increasing median income and population growth, indicate a continued need for affordable housing in the area, aligning with the consistent development of LIHTC projects over the years.
Zip code 11224 in Brooklyn demonstrates a significant commitment to affordable housing through the LIHTC program. With 13.1% of its estimated housing inventory dedicated to LIHTC-funded affordable units, the area is addressing affordable housing needs. The long-term presence of LIHTC projects, dating back to 1991, shows a sustained effort to provide affordable housing options. The diverse range of unit types serves various household sizes, while the substantial federal investment underscores the importance of this zip code in New York State's affordable housing strategy. As the area continues to experience population growth and income changes, the ongoing development of affordable housing remains essential to maintaining a balanced community.
