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Affordable Housing in Flatiron: Analyzing LIHTC Impact and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Flatiron neighborhood in Manhattan, New York, has a significant Low-Income Housing Tax Credit (LIHTC) funded inventory. There are 779 total units in LIHTC funded projects, with 160 specifically designated as low-income units. Based on the estimated 5,204 housing units in the neighborhood, LIHTC funded affordable housing comprises approximately 15% of the neighborhood's housing inventory, aligning with the target percentage for a well-balanced community.
The LIHTC program has invested $2,498,548 in tax credits for Flatiron's affordable housing. This equates to an average federal funding of $3,207 per unit across all LIHTC funded projects in the neighborhood. Affordable housing has been present in Flatiron for over two decades, with the first LIHTC project, Chelsea Vangard, completed in 2000 and the most recent, Courtlandt Corners, finished in 2010.
The LIHTC funded projects in Flatiron offer various unit types. Out of the 779 total units, there are 245 efficiencies, 368 one-bedroom units, 159 two-bedroom units, and 7 three-bedroom units. This distribution indicates a focus on accommodating smaller households and individuals.
Flatiron's population has remained relatively stable over the past decade, fluctuating between 12,452 and 14,216 residents. The median income has consistently been high, ranging from $161,798 to $174,085 in recent years. This high median income may explain why no new LIHTC projects have been developed since 2010, as the neighborhood may have less demand for additional low-income housing.
The racial composition of Flatiron has experienced changes in the last decade. The white population has decreased from 73% to 63%, while there has been a slight increase in Asian (from 14% to 17%) and Hispanic (from 6% to 11%) populations. This gradual diversification could potentially influence future affordable housing needs and strategies in the neighborhood.
Flatiron's LIHTC funded affordable housing inventory covers about 15% of the estimated housing units, aligning with recommended targets for a balanced community. The neighborhood experienced significant affordable housing development between 2000 and 2010, with no new LIHTC projects since then. This could be attributed to the consistently high median income in the area. The existing LIHTC projects offer a variety of unit types, predominantly catering to smaller households. While the neighborhood's population has remained stable, there has been a gradual shift in racial demographics, which may influence future affordable housing needs.
