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Affordable Housing in Fordham: LIHTC's Impact on a Changing Bronx Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Fordham, a neighborhood in the Bronx, New York, has a significant inventory of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 1,716 total units in LIHTC-funded projects, with 1,270 of these designated as low-income units. Based on the 2022 population of 59,163 and using the national average household size of 2.61, there are approximately 22,668 housing units in the neighborhood. The LIHTC-funded affordable housing covers about 7.6% of the estimated housing inventory, indicating a substantial contribution to the area's affordable housing needs.
The LIHTC projects in Fordham have received $10,638,592 in tax credits, averaging about $6,200 per unit across all LIHTC-funded projects. This investment demonstrates a commitment to affordable housing in the area. Affordable housing has been part of Fordham's landscape for over three decades, with the first LIHTC project, "Round I (Rebuild)," completed in 1990, and the most recent addition, "2605 Grand Concourse," finished in 2018. The 2010s saw the most affordable housing development, with projects like "Creston Avenue" (2014), "Tiebout Green" (2015), and "Mt.Sharon LLC" (2016) being completed.
The LIHTC-funded projects in Fordham offer a range of unit types. Of the 1,716 total units, there are 183 efficiencies, 479 one-bedroom units, 418 two-bedroom units, 225 three-bedroom units, and 29 four-bedroom units. This variety caters to different household sizes and needs within the low-income population. One notable project, "Veterans Residence Phase I," completed in 2009, specifically targets individuals with substance abuse issues, addressing the unique needs of a vulnerable population.
Over the past decade, Fordham's population has grown from 54,654 in 2013 to 59,163 in 2022, an 8.3% increase. During this period, the median income rose from $26,726 in 2013 to $34,855 in 2022, representing a 30.4% increase. However, despite this growth, the median income remains relatively low, indicating an ongoing need for affordable housing options.
The racial composition of Fordham has seen shifts. The Hispanic population has increased from 69% in 2013 to 75% in 2022, while the Black population decreased from 19% to 16%. The Asian population has remained relatively stable at around 2-3%. These demographic changes may influence the specific needs for affordable housing in the neighborhood.
Fordham's LIHTC-funded affordable housing inventory plays a crucial role in addressing the neighborhood's housing needs. With 1,716 total units and 1,270 low-income units, it covers a significant portion of the estimated housing stock. The diverse unit types and targeted projects like the Veterans Residence demonstrate efforts to meet various community needs. While the neighborhood has seen population growth and some increase in median income over the past decade, the continued low income levels suggest an ongoing demand for affordable housing options. The changing racial demographics may also influence future affordable housing needs and development in Fordham.
