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Affordable Housing Analysis in Zip Code 11208: LIHTC Funded Projects and Demographic Trends
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 zip code 11208 in Brooklyn, New York, exhibits a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area contains 3,977 units in LIHTC-funded projects, with 2,571 designated as low-income units. These efforts contribute substantially to providing affordable housing options in the area. Based on the 2022 population of 108,377 and an estimated 41,524 housing units, LIHTC-funded affordable housing comprises approximately 9.6% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 11208 have received $17,745,842 in tax credits, averaging about $4,462 per unit in federal funding. This zip code accounts for 0.84% of the total LIHTC funding allocated to New York State, indicating a significant concentration of affordable housing investment in this area.
Affordable housing has been a consistent feature of this zip code since 1992, when the earliest LIHTC project, "Round III (Hills)," was completed. The most recent project, "Linwood Park Associates LLC," was finished in 2020. This 28-year span demonstrates a sustained commitment to affordable housing development. The 1990s and 2000s saw the most LIHTC project completions, including notable developments such as "Fountain Avenue Phase I" and "Fountain Avenue Phase II" in 1998, and "Spring Creek Gardens" in 2008.
The LIHTC-funded housing stock in zip code 11208 offers a diverse range of unit types. Out of the total 3,977 units, there are 590 efficiencies, 1,340 one-bedroom units, 1,017 two-bedroom units, 117 three-bedroom units, and 34 four-bedroom units. This variety caters to different household sizes and needs within the community. One project of note is "Liberty Avenue Housing," completed in 2010, which specifically targets individuals with substance abuse issues, addressing a unique need within the community.
Over the past decade, zip code 11208 has experienced significant demographic changes. The population has grown from 93,119 in 2013 to 108,377 in 2022, a 16.4% increase. Median income has also risen substantially, from $37,159 in 2013 to $51,240 in 2022, representing a 37.9% increase. Racial demographics have remained relatively stable, with a slight decrease in the Black population (from 48% to 46%) and a small increase in the Asian population (from 4% to 8%) between 2013 and 2022. The Hispanic population has remained consistently around 40% during this period.
The continued development of LIHTC projects throughout this period of population growth and rising incomes suggests an ongoing need for affordable housing in the area, even as economic conditions have improved. The 11208 zip code in Brooklyn demonstrates a substantial commitment to affordable housing through the LIHTC program. With nearly 4,000 units developed over almost three decades, the area has consistently invested in diverse housing options for low-income residents. While the LIHTC-funded units cover about 9.6% of the estimated housing inventory, the area's growing population and rising median income indicate an ongoing need for affordable housing options. The mix of unit types and specialized projects show efforts to address varied community needs. As the area continues to evolve demographically and economically, the role of LIHTC-funded housing remains significant in maintaining housing affordability and diversity in this Brooklyn neighborhood.
