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Affordable Housing in Bensonhurst: LIHTC Impact on a Diverse Brooklyn Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Bensonhurst, a neighborhood in Brooklyn, New York, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 141 total units, with 14 designated as low-income units. Based on the 2022 population of 81,251 and an estimated 31,131 housing units, LIHTC funded affordable housing represents approximately 0.45% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $1,090,712 in tax credits for affordable housing projects in Bensonhurst. This equates to an average federal funding of about $7,735 per unit. The neighborhood has seen LIHTC projects completed in 2015 and 2016, indicating recent affordable housing development.
Two notable projects in Bensonhurst are the Bensonhurst Housing For The Elderly, completed in 2015, and Bensonhurst Housing L.P., completed in 2016. These projects demonstrate a concentrated effort to increase affordable housing options in the neighborhood over a short period. The LIHTC funded housing in Bensonhurst primarily consists of one-bedroom units (104) and efficiencies (36), with only one two-bedroom unit. This unit distribution suggests a focus on accommodating smaller households or individuals.
Over the past decade, Bensonhurst has experienced population fluctuations, with a general upward trend. The population increased from 80,807 in 2013 to 81,251 in 2022. Concurrently, the median income has risen from $52,677 in 2013 to $60,936 in 2022, indicating an overall improvement in economic conditions.
The racial composition of Bensonhurst has shifted noticeably. The Asian population has increased from 37% in 2013 to 42% in 2022, while the white population has decreased from 47% to 37% during the same period. The Hispanic population has seen a slight increase from 14% to 17%.
The completion of LIHTC projects in 2015 and 2016 aligns with a period of demographic change and economic growth in the neighborhood. This suggests that the affordable housing developments may have been a response to the evolving needs of the community, particularly as the population diversified and income levels began to rise.
Bensonhurst's LIHTC funded affordable housing inventory represents a recent effort to address housing needs in the neighborhood. The concentration of efficiencies and one-bedroom units indicates a focus on smaller households. The timing of these projects coincides with significant demographic shifts and economic growth in the area, suggesting an attempt to maintain housing affordability amidst changing neighborhood dynamics. While the LIHTC funded units cover a small percentage of the estimated housing inventory, they contribute to the neighborhood's overall housing diversity and affordability options.
