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Affordable Housing in Corona, Queens: 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
Corona, a neighborhood in Queens, New York, has a diverse population and a LIHTC-funded affordable housing inventory. The neighborhood contains 363 total units in LIHTC-funded projects, with 126 designated as low-income units. Based on the 2022 population of 70,221 and an estimated 26,905 housing units, LIHTC-funded affordable housing comprises approximately 1.35% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $1,480,810 in project tax credits for affordable housing in Corona. This equates to an average federal funding of $4,079 per unit across all LIHTC-funded projects in the neighborhood.
Corona's LIHTC-funded affordable housing development spans nearly three decades, with the first project, Queenswood Mac, completed in 1990, and the most recent, Hanac Corona, finished in 2018. The 2010s saw the most recent development activity, with Hanac Corona adding 67 units to the affordable housing stock.
The neighborhood's LIHTC-funded affordable housing inventory includes various unit types. There are 23 efficiencies and 44 one-bedroom units, accommodating diverse household sizes and needs.
Over the past decade, Corona's population has increased from 66,596 in 2010 to 70,221 in 2022. The median income has also risen, from $52,588 in 2013 to $56,186 in 2022. This income growth may have influenced the demand for affordable housing in the area.
The racial composition of Corona has remained relatively stable, with a slight increase in the Hispanic population from 65% in 2013 to 70% in 2022. The Asian population has remained steady at around 14%, while the Black population has decreased slightly from 12% to 9%. These demographic shifts may have implications for the types of affordable housing needed in the neighborhood.
Corona's LIHTC-funded affordable housing inventory, while modest in proportion to the overall housing stock, represents a significant investment in addressing housing affordability. The neighborhood has experienced sporadic development of LIHTC projects over nearly three decades, with the most recent addition in 2018. The mix of unit types suggests an effort to accommodate various household sizes. As Corona's population and demographics continue to evolve, ongoing assessment of affordable housing needs will be crucial to ensure adequate support for low-income residents.
