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Affordable Housing in Borough Park: LIHTC's Impact on a Unique 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
Borough Park, a neighborhood in Brooklyn, New York, is characterized by its large Orthodox Jewish population and cultural heritage. The Low-Income Housing Tax Credit (LIHTC) program has funded 186 affordable housing units in the area, with 133 designated as low-income units. This represents approximately 0.46% of the neighborhood's estimated 40,766 housing units.
The LIHTC program has invested $740,710 in tax credits for affordable housing projects in Borough Park, averaging $3,982 per unit in federal funding. LIHTC-funded projects in the area span from 2000 to 2007, indicating a seven-year period of affordable housing development. The 2000s saw the most affordable housing project completions in Borough Park, including the South Brooklyn Neighborhood Redevelopment Assoc in 2000, and Holy Spirit Senior Apartments, L.P. and Msgr. John P. Obrien Senior Apartments L.P. in 2007.
The LIHTC-funded housing inventory in Borough Park comprises 41 efficiencies, 121 one-bedroom units, and 2 two-bedroom units. This distribution suggests a focus on accommodating smaller household sizes, potentially targeting single individuals or small families.
Borough Park's population has remained relatively stable over the past decade, with a slight decrease from 110,331 in 2015 to 106,399 in 2022. The median income has shown an overall increasing trend, rising from $38,229 in 2015 to $45,460 in 2022. This increase in median income may indicate a reduced need for additional affordable housing in recent years.
The racial composition of Borough Park has remained fairly consistent. The white population constitutes the majority at approximately 68% in 2022. The Asian population has slightly decreased from 18% in 2015 to 16% in 2022, while the Hispanic population has remained stable at about 12%. The relatively stable demographic profile suggests that the existing LIHTC projects may have been sufficient to meet the neighborhood's needs, potentially explaining the absence of new projects in recent years.
Borough Park's LIHTC-funded affordable housing inventory, although modest compared to the overall housing stock, has provided 186 units of affordable housing to the community. The projects were primarily developed in the 2000s, focusing on smaller unit sizes. The neighborhood's stable population, increasing median income, and consistent racial composition over the past decade may indicate that the current affordable housing stock is meeting the community's needs. However, ongoing monitoring of demographic trends and housing affordability will be essential to ensure the neighborhood continues to provide adequate housing options for all residents.
