Loading Content...
Affordable Housing in Far Rockaway: LIHTC Program's Impact on Neighborhood Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Far Rockaway, a neighborhood in Queens, New York, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has a total of 3,790 units in LIHTC-funded projects, with 2,181 of these designated as low-income units. Based on the 2022 population of 72,172 and an estimated 27,652 housing units, the LIHTC-funded affordable housing represents approximately 13.7% of the neighborhood's estimated housing inventory.
The LIHTC program has invested substantially in Far Rockaway, with project tax credits totaling $22,794,439. This translates to an average federal funding of about $6,014 per unit across all LIHTC-funded projects in the neighborhood.
Affordable housing has been a long-standing feature in Far Rockaway, with projects spanning from 2002 to 2019. The earliest recorded LIHTC project was Wavecrest Apts II, completed in 2002, while the most recent projects were Ocean Bay Apartments and BGN II Affordable Owners LLC, both completed in 2019. This 17-year period demonstrates a sustained commitment to affordable housing development in the area.
The 2010s saw the most significant growth in LIHTC-funded housing, with eight out of the twelve projects completed during this decade. Notable projects from this period include Beach Green North and Beach Channel Senior Residences.
The LIHTC-funded housing in Far Rockaway offers a diverse range of unit types. Out of the 3,790 total units, there are 221 efficiencies, 1,186 one-bedroom units, 1,520 two-bedroom units, 243 three-bedroom units, and 130 four-bedroom units. This variety caters to different household sizes and needs within the community.
Over the past decade, Far Rockaway has experienced significant demographic changes. The population has grown from 63,449 in 2015 to 72,172 in 2022, an increase of about 13.7%. During this same period, the median income rose from $51,043 in 2015 to $64,089 in 2022, representing a 25.6% increase.
The racial composition of Far Rockaway has also shifted. The Black population decreased from 43% in 2015 to 38% in 2022, remaining the largest group. The Hispanic population remained relatively stable at around 26-29%. The Asian population increased from 2% to 5%, and the White population grew slightly from 23% to 27% during this period.
The continued development of LIHTC projects throughout this period of demographic change suggests an ongoing need for affordable housing in the neighborhood, even as median incomes have risen.
Far Rockaway has a substantial inventory of LIHTC-funded affordable housing, representing about 13.7% of the estimated housing stock. The neighborhood has seen consistent development of affordable housing over nearly two decades, with a particular focus in the 2010s. The diverse range of unit types caters to various household sizes. Despite rising median incomes and demographic shifts, the continued development of LIHTC projects indicates an ongoing demand for affordable housing in this evolving neighborhood.
