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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Battery Park City, a planned community in Manhattan, New York, features a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 1,144 total units in LIHTC-funded projects, with 172 designated as low-income units. These projects constitute approximately 18.1% of the estimated 6,323 housing units in the area, based on the 2022 population of 16,503.
The development of LIHTC-funded affordable housing in Battery Park City occurred between 1998 and 2000. Tribeca Pointe, completed in 1998, was the first project, while South Cove, finished in 2000, was the most recent. This indicates a concentrated period of affordable housing development at the turn of the millennium.
The LIHTC-funded housing stock in Battery Park City comprises various unit types. Of the 1,144 total units, there are 101 efficiencies, 615 one-bedroom units, 416 two-bedroom units, and 12 three-bedroom units. This distribution suggests an emphasis on accommodating smaller households and families.
Battery Park City has experienced consistent population growth over the past decade, increasing from 14,874 in 2013 to 16,503 in 2022. The median income has remained high, ranging from $185,689 in 2013 to $183,081 in 2022, with some fluctuations in between.
The neighborhood's racial composition has undergone some changes. The percentage of Asian residents increased from 16% in 2013 to 21% in 2022, while the White population slightly decreased from 63% to 65% during the same period. The Hispanic population remained relatively stable, decreasing slightly from 10% to 8%.
The presence of LIHTC-funded housing suggests an effort to maintain economic diversity within Battery Park City, despite its high median income. However, no new LIHTC projects have been developed in the last decade, possibly due to the consistently high median income and limited available land in this planned community.
Battery Park City's LIHTC-funded affordable housing inventory represents a significant portion of its estimated housing stock at 18.1%. These projects, developed primarily between 1998 and 2000, offer a diverse mix of unit types to serve different household sizes. While the neighborhood has experienced population growth and maintained high median incomes over the past decade, the racial composition has seen some shifts, particularly with an increase in Asian residents. The absence of recent LIHTC developments may be attributed to the area's high median income and its status as a planned community with limited new development opportunities.