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Affordable Housing in Bronxwood: LIHTC's Impact on a Diverse Bronx 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
Bronxwood, a neighborhood in the Bronx, New York, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory consists of 988 total units, with 984 of these designated as low-income units. This substantial number of affordable housing units plays a crucial role in addressing the community's housing needs.
Based on the estimated housing inventory of 15,498 units for the neighborhood, the LIHTC funded affordable housing covers approximately 6.4% of the total housing stock. This represents a significant contribution to the neighborhood's affordable housing landscape.
The LIHTC program has invested $2,191,480 in tax credits for affordable housing projects in Bronxwood. This translates to an average federal funding of about $2,218 per unit. This investment demonstrates a substantial commitment to creating affordable housing options in the area.
The neighborhood has seen LIHTC projects completed over several years. The earliest recorded project completion was in 2009 with Adee And Lester Lp. The most recent projects, Scheuer Gardens and Scheuer Plaza, were both completed in 2014. This five-year span indicates a period of active affordable housing development in Bronxwood.
The 2010s was the decade with the most affordable housing projects completed in the neighborhood, with three out of four projects finished during this time. This suggests a concentrated effort to increase affordable housing options in Bronxwood during that period.
The LIHTC funded housing in Bronxwood offers a diverse range of unit types. The inventory includes 116 efficiencies, 620 one-bedroom units, 235 two-bedroom units, and 17 three-bedroom units. This distribution caters to various household sizes, with a particular emphasis on smaller households given the high number of efficiencies and one-bedroom units.
Over the past decade, Bronxwood has experienced some demographic shifts. The population grew from 37,087 in 2010 to 40,451 in 2022, indicating a growing demand for housing. Median income has fluctuated, reaching $46,078 in 2022. This relatively modest income level underscores the continued need for affordable housing options in the neighborhood.
Racial demographics have remained relatively stable, with Hispanic and Black residents consistently comprising the majority of the population. The Hispanic population has slightly increased from 48% in 2013 to 50% in 2022, while the Black population has decreased slightly from 30% to 28% in the same period. This demographic stability suggests that the LIHTC projects have been serving a consistently diverse community.
Bronxwood's LIHTC funded affordable housing inventory plays a significant role in addressing the neighborhood's housing needs. With 988 total units, including 984 low-income units, these projects contribute to about 6.4% of the estimated housing stock. The diverse unit types cater to various household sizes, with a focus on smaller units. The concentration of project completions in the 2010s indicates a period of active affordable housing development. While the current inventory falls short of ideal affordable housing targets, it represents a substantial effort to provide housing options for lower-income residents in this diverse Bronx neighborhood.
