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Affordable Housing in Coney Island: LIHTC Impact on a Historic 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
Coney Island, a neighborhood in Brooklyn, New York, is known for its historic amusement parks and beachfront attractions. The area has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory, comprising 2,396 total units, with 2,288 designated as low-income units. Based on the estimated 17,232 housing units in the neighborhood, LIHTC funded affordable housing represents approximately 13.9% of the neighborhood's housing inventory.
The LIHTC program has invested $12,499,245 in project tax credits for affordable housing in Coney Island. This equates to an average federal funding of $5,216 per unit. The neighborhood has experienced consistent development of affordable housing from 2005 to 2019. The earliest LIHTC projects in the area were Sea Park North, Sea Park East, and Sea Park West, all completed in 2005. The most recent addition is Surf Vets Place, completed in 2019.
The 2010s saw the most significant growth in affordable housing projects, with five out of the nine projects completed during this decade. Notable projects from this period include Coney Island Commons (2013) and Bay Park One and Two Companies (both in 2017). The LIHTC funded housing in Coney Island offers a diverse range of unit types. Of the 2,396 total units, there are 249 efficiencies, 622 one-bedroom units, 602 two-bedroom units, 483 three-bedroom units, and 116 four-bedroom units. This distribution caters to various household sizes and needs within the community.
Over the past decade, Coney Island has experienced demographic shifts. The population has grown from 38,826 in 2013 to 44,976 in 2022, indicating an increasing demand for housing. Median income has risen from $33,273 in 2013 to $40,072 in 2022, suggesting improved economic conditions for some residents. However, this income level still indicates a need for affordable housing options.
The racial composition of Coney Island has remained relatively stable, with a slight decrease in the white population from 51% in 2013 to 48% in 2022. The Hispanic population has increased from 14% to 20% during this period, while the Black population has decreased slightly from 25% to 21%. These demographic changes may influence the ongoing need for diverse and affordable housing options in the neighborhood.
Coney Island's LIHTC funded affordable housing inventory plays a crucial role in meeting the community's housing needs. With 2,396 total units and 2,288 low-income units, it covers nearly 14% of the estimated housing inventory. The neighborhood has seen consistent development of affordable housing projects from 2005 to 2019, with the most significant growth occurring in the 2010s. The diverse range of unit types caters to various household sizes, and the continued investment in affordable housing aligns with the neighborhood's demographic trends, including population growth and changes in racial composition. As Coney Island continues to evolve, maintaining and expanding affordable housing options will remain important for the community's well-being.
