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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Fair Haven, a neighborhood in New Haven, Connecticut, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 291 units in LIHTC-funded projects, with 265 designated as low-income units. Based on the 2022 population of 14,536 and the national average household size of 2.61, the estimated number of housing units in Fair Haven is approximately 5,569. LIHTC-funded affordable housing represents about 5.2% of the estimated housing inventory in the neighborhood.
The LIHTC projects in Fair Haven have received $2,120,909 in project tax credits, averaging approximately $7,288 per unit in federal funding. The earliest recorded LIHTC project in Fair Haven is the Richard Street Cooperative, completed in 1998, while the most recent project with a known completion date is Quinnipiac Terrace Phase III, finished in 2011. This indicates that LIHTC-funded affordable housing has been present in Fair Haven for at least 13 years.
The mid-2000s experienced significant LIHTC development in Fair Haven, with multiple projects completed in 2006, including Ferry Mutual Housing LP and Quinnipiac Terrace Phase I. The distribution of unit types shows a focus on family-sized apartments, with 143 two-bedroom units, 84 three-bedroom units, and 33 four-bedroom units. There are also 31 one-bedroom units, catering to smaller households.
Over the past decade, Fair Haven's population has remained relatively stable, fluctuating between 14,000 and 15,000 residents. The median income has shown an overall upward trend, rising from $31,935 in 2013 to $37,297 in 2022, despite some fluctuations. This increase in median income could potentially indicate a reduced need for additional affordable housing in recent years.
The racial composition of Fair Haven has experienced some shifts. The Hispanic population, while still the majority, has decreased from 68% in 2017 to 55% in 2022. Conversely, the Black and White populations have increased slightly, with the Black population rising from 17% to 23% and the White population from 13% to 19% over the same period. These demographic changes may influence future affordable housing needs and strategies in the neighborhood.
Fair Haven's LIHTC-funded affordable housing inventory represents a significant portion of the neighborhood's housing stock, covering about 5.2% of the estimated total units. The neighborhood has seen consistent investment in affordable housing through the LIHTC program, with projects spanning from 1998 to 2011. The unit mix suggests a focus on accommodating families of various sizes. While the population has remained relatively stable over the past decade, the increasing median income and shifting racial demographics may influence future affordable housing needs in Fair Haven.