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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Co-op City, located in the Bronx, New York, contains 99 units in Low-Income Housing Tax Credit (LIHTC) funded projects, with 79 designated as low-income units. The estimated 13,909 housing units in the neighborhood are based on the 2022 population of 36,302 and the national average household size. LIHTC funded affordable housing comprises approximately 0.71% of the estimated housing inventory in Co-op City.
The LIHTC program has invested $2,496,648 in project tax credits in Co-op City, averaging about $25,218 per unit in LIHTC funded projects. Two notable LIHTC funded projects, Council Tower VII HDFC and The Woodlands, were completed in 2015, indicating at least 8 years of LIHTC program presence in the neighborhood. The year 2015 saw the completion of all LIHTC projects in Co-op City. The unit distribution in these projects consists of 87 one-bedroom units and 12 two-bedroom units, with no efficiencies, three-bedroom, or four-bedroom units.
Co-op City's population has slightly decreased from 37,966 in 2015 to 36,302 in 2022. The median income has increased from $50,074 in 2015 to $54,882 in 2022, suggesting a gradual improvement in economic conditions for residents. The neighborhood has maintained a predominantly Black population, increasing from 56% in 2015 to 60% in 2022. The Hispanic population has remained stable at about 30% in 2022. The Asian population has grown from less than 1% in 2015 to 3% in 2022, while the White population has decreased from 6% to 4% during the same period.
The completion of two LIHTC projects in 2015 coincides with the neighborhood's peak population in recent years, suggesting that the affordable housing development may have been a response to the growing population and housing needs at that time.
Co-op City's LIHTC funded affordable housing inventory represents a significant investment in providing low-income housing options, despite its modest size relative to the overall estimated housing stock. The two projects completed in 2015 added 99 units to the neighborhood, focusing on one-bedroom and two-bedroom apartments. Over the past decade, the neighborhood has experienced relative stability in population and racial composition, with a slight increase in median income. These demographic trends, combined with the LIHTC investments, reflect ongoing efforts to address affordable housing needs in this Bronx neighborhood.