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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Castle Hill, a Bronx neighborhood in New York, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 1,854 total units in LIHTC funded projects, with 1,813 designated as low-income units. Based on the 2022 population of 33,917 and an estimated 12,995 housing units, LIHTC funded affordable housing comprises approximately 14.3% of the neighborhood's estimated housing inventory. This percentage aligns with the target range of 15-20% for affordable housing stock in a well-balanced community.
The LIHTC program has made substantial investments in Castle Hill, with project tax credits totaling $2,890,276. This equates to an average federal funding of approximately $1,559 per unit in LIHTC funded projects. The neighborhood's LIHTC inventory includes a diverse mix of unit types, consisting of 25 efficiencies, 329 one-bedroom, 844 two-bedroom, 637 three-bedroom, and 19 four-bedroom units. This distribution indicates a focus on accommodating families of various sizes within the affordable housing stock.
The Castle Hill project, completed in 2011, is a notable development in the neighborhood's affordable housing landscape. This single project accounts for all the LIHTC funded units in the area, representing a significant investment in affordable housing over the past decade.
Over the past decade, Castle Hill has experienced demographic shifts that may correlate with the presence of LIHTC funded housing. The population has remained relatively stable, with a slight increase from 33,733 in 2013 to 33,917 in 2022. Median income has shown an upward trend, rising from $48,379 in 2013 to $57,024 in 2022, potentially indicating improving economic conditions for residents.
Race distribution trends show a gradual shift in the neighborhood's composition. The Hispanic population, while still the majority, has decreased from 67% in 2013 to 58% in 2022. The Black population has increased slightly from 19% to 24%, and the Asian population has grown from 6% to 9% during the same period. These changes suggest a slowly diversifying neighborhood, potentially influenced by the availability of affordable housing options.
Castle Hill's LIHTC funded affordable housing inventory plays a crucial role in meeting the community's housing needs. With 14.3% of the estimated housing stock dedicated to affordable units, the neighborhood is close to achieving a well-balanced housing mix. The significant investment through the LIHTC program, particularly the large-scale Castle Hill project completed in 2011, demonstrates a commitment to providing diverse housing options for low-income residents. The demographic trends over the past decade, including a stable population, increasing median income, and gradual racial diversification, may be partially attributed to the presence of this affordable housing. These factors collectively contribute to the neighborhood's evolving socio-economic landscape and its ability to accommodate residents from various income levels and backgrounds.