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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Belmont, a neighborhood in the Bronx, New York, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood hosts 354 total units in LIHTC-funded projects, with 255 of these designated as low-income units. Based on the 2022 population of 25,853 and an estimated 9,905 housing units, the LIHTC-funded affordable housing covers approximately 3.57% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $2,801,317 in tax credits for affordable housing projects in Belmont. This translates to an average federal funding of $7,913 per unit across all LIHTC-funded projects in the neighborhood.
Affordable housing has been a part of Belmont's landscape for over two decades. The first LIHTC project, "Bx-7F," was completed in 1993, while the most recent, "East 188Th Street Apts/Belmont Commons," was finished in 2015. This 22-year span demonstrates a consistent commitment to affordable housing development in the area.
The 1990s saw the most affordable housing projects completed, with five projects finished during this decade. Notable projects from this period include "Round Vi (Central Bronx Housing Assoc)" in 1995 and "Beaumont Apts" in 1998.
The LIHTC-funded housing in Belmont offers a diverse range of unit types. The inventory includes 8 efficiencies, 92 one-bedroom units, 101 two-bedroom units, and 52 three-bedroom units. This distribution suggests a focus on accommodating various household sizes, with a particular emphasis on small to medium-sized families.
Over the past decade, Belmont has experienced some demographic shifts. The population has grown from 24,774 in 2015 to 25,853 in 2022, indicating a modest but steady increase. Median income has also risen, from $24,032 in 2015 to $34,391 in 2022, suggesting improving economic conditions for residents.
Racial demographics have remained relatively stable, with a slight increase in the Hispanic population from 69% in 2015 to 69% in 2022. The Black population has seen a small increase from 16% to 20% during the same period, while the White population has decreased from 12% to 7%.
Despite the lack of new LIHTC projects since 2015, the demographic data suggests a continued need for affordable housing. The median income, while increasing, remains relatively low, indicating that a significant portion of the population may still require affordable housing options.
Belmont's LIHTC-funded affordable housing inventory represents a small but important component of the neighborhood's housing stock. The consistent development of affordable housing projects from 1993 to 2015 demonstrates a long-term commitment to addressing housing needs. While the neighborhood has seen modest population growth and increases in median income over the past decade, the continued low income levels suggest an ongoing need for affordable housing options. The diverse range of unit types in LIHTC projects indicates efforts to accommodate various household sizes and needs within the community.