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Affordable Housing in Bushwick: Three Decades of LIHTC Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Bushwick, a neighborhood in Brooklyn, New York, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area has 2,640 total units in LIHTC funded projects, with 2,541 designated as low-income units. Based on the 2022 population of 115,541 and an estimated 44,269 housing units, LIHTC funded affordable housing comprises approximately 5.96% of the neighborhood's estimated housing inventory.
The LIHTC program has invested substantially in Bushwick, with project tax credits totaling $17,017,364. This equates to an average federal funding of $6,445 per unit in LIHTC funded projects. The neighborhood has a long history of affordable housing development, with the earliest recorded LIHTC project completed in 1991 and the most recent projects completed in 2020, indicating nearly three decades of continuous affordable housing development in Bushwick.
The 2000s saw the most significant affordable housing development activity in Bushwick. The neighborhood's LIHTC funded housing stock is diverse, comprising 116 efficiencies, 725 one-bedroom units, 855 two-bedroom units, 443 three-bedroom units, and 66 four-bedroom units. One notable project completed in 2020 specifically targets the military service population, likely addressing unique housing needs of veterans and active-duty military personnel in the area.
Over the past decade, Bushwick has experienced fluctuations in its population, with a slight overall increase from 112,987 in 2020 to 115,541 in 2022. The median income has risen from $62,858 in 2020 to $63,654 in 2022, suggesting improving economic conditions for some residents.
Racial demographics have shifted, with the Hispanic population decreasing from 54% in 2020 to 51% in 2022, while the White population increased from 21% to 23% during the same period. The Asian population increased from 5% to 6%, while the Black population remained relatively stable at 17%. Despite these demographic changes and rising median income, the completion of two LIHTC projects in 2020 indicates an ongoing need for affordable housing in Bushwick.
Bushwick's LIHTC funded affordable housing inventory plays a crucial role in meeting the neighborhood's housing needs. With nearly 6% of the estimated housing stock dedicated to affordable units, the LIHTC program has made a significant impact over three decades. The diverse unit mix caters to various household sizes, and targeted projects address specific community needs. While demographic shifts and rising incomes are evident, the continued development of affordable housing suggests an ongoing demand for such units in this Brooklyn neighborhood.
