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Affordable Housing in Canarsie: LIHTC Impact and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Canarsie, a neighborhood in Brooklyn, New York, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 3,207 units in LIHTC funded projects, with 3,032 of these designated as low-income units. Based on the 2022 population of 102,926 and an estimated 39,435 housing units, LIHTC funded affordable housing comprises approximately 8.13% of the neighborhood's estimated housing inventory.
The LIHTC program has invested substantially in Canarsie, with project tax credits totaling $5,375,257. This equates to an average federal funding of about $1,676 per unit in LIHTC funded projects. The initial LIHTC projects in Canarsie, Park Terrace Apts and Seaview Estates, were completed in 1996. The most recent project, Bayview Houses, was completed in 2011, indicating a 15-year span of LIHTC-funded affordable housing development in the neighborhood.
The 2010s witnessed the most LIHTC project completions in Canarsie, with Bay View Homes Phase I and II completed in 2010, followed by Bayview Houses in 2011. The LIHTC funded projects in Canarsie offer a diverse range of unit types, including 184 efficiencies, 443 one-bedroom units, 1,751 two-bedroom units, 505 three-bedroom units, and 98 four-bedroom units. This distribution indicates a focus on accommodating families of various sizes, with a particular emphasis on two-bedroom units.
Over the past decade, Canarsie's population has remained relatively stable, with minor fluctuations. The median income has shown a general upward trend, increasing from $69,084 in 2013 to $74,722 in 2022. This income growth may partially explain why no new LIHTC projects have been completed since 2011, as the overall economic situation of residents may have improved.
Regarding racial demographics, Canarsie has maintained a predominantly Black population, consistently around 80-84% over the past decade. There has been a slight increase in the Hispanic population, from 7% in 2013 to 9% in 2022, while the Asian and White populations have remained relatively stable at around 2% and 4% respectively.
Canarsie's LIHTC funded affordable housing inventory represents a significant portion of the neighborhood's estimated housing stock. The neighborhood experienced consistent development of affordable housing through the LIHTC program from 1996 to 2011, with a focus on family-sized units. While the LIHTC program has not funded new projects in the past decade, this may be partly due to the overall increase in median income in the area. The stable population and racial composition suggest that the existing affordable housing continues to serve the community's needs, though ongoing monitoring of demographic trends and housing affordability will be crucial for future planning.
