Loading Content...
Affordable Housing in Downtown Brooklyn: LIHTC Impact and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Downtown Brooklyn, a neighborhood in New York City, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory includes 606 total units, with 112 specifically designated as low-income units. Based on the estimated housing inventory of 9,559 units for the neighborhood's 2022 population, the LIHTC funded affordable housing covers approximately 6.34% of the neighborhood's housing stock.
The LIHTC program has invested $1,243,077 in tax credits for affordable housing projects in Downtown Brooklyn. This translates to an average federal funding of $2,051 per unit across all LIHTC-funded projects in the neighborhood.
The first LIHTC project in Downtown Brooklyn, 125 Court Street LLC, was completed in 2005, while the most recent project, 388 Bridge Street Apartments, was finished in 2014. This indicates that affordable housing has been a part of the neighborhood's development for at least nine years.
The 2010s saw the most LIHTC activity in Downtown Brooklyn, with the completion of 388 Bridge Street Apartments in 2014. This project added 286 units to the neighborhood's affordable housing inventory, including 48 low-income units. It features a mix of unit types, including 52 efficiencies, 148 one-bedroom units, 34 two-bedroom units, and 52 three-bedroom units.
In total, the LIHTC-funded projects in Downtown Brooklyn provide 131 efficiencies, 312 one-bedroom units, 111 two-bedroom units, and 52 three-bedroom units. This diverse mix of unit sizes helps accommodate various household compositions within the affordable housing framework.
Over the past decade, Downtown Brooklyn has experienced significant population growth, increasing from 14,035 in 2013 to 24,949 in 2022. This growth coincides with the completion of the 388 Bridge Street Apartments LIHTC project in 2014, which likely contributed to accommodating some of this population increase.
The neighborhood's median income has also seen an upward trend, rising from $95,538 in 2013 to $118,012 in 2022. This increase in median income might suggest a growing need for affordable housing options to maintain economic diversity in the area.
Racial demographics in Downtown Brooklyn have shifted slightly over the past decade. The Asian population has increased from 15% in 2013 to 22% in 2022, while the Black population has decreased from 21% to 16%. The White population has remained relatively stable, moving from 44% to 43%. These changes in racial composition highlight the importance of maintaining affordable housing options to preserve neighborhood diversity.
Downtown Brooklyn's LIHTC-funded affordable housing inventory plays a role in providing housing options for lower-income residents, with 606 total units and 112 low-income units. While this covers about 6.34% of the estimated housing stock, it is important to note that other affordable housing programs may also contribute to the neighborhood's overall affordable housing inventory. The LIHTC projects in Downtown Brooklyn offer a diverse range of unit sizes, catering to various household needs. The neighborhood's rapid population growth, increasing median income, and shifting racial demographics underscore the ongoing importance of affordable housing initiatives in maintaining a diverse and inclusive community.
