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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Hunts Point, a neighborhood in the Bronx, New York, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 1,094 total units in LIHTC-funded projects, with 1,027 of these designated as low-income units. This inventory of affordable housing plays a crucial role in addressing the community's needs.
Based on the 2022 population of 12,222 and using the national average household size of 2.61, there are approximately 4,683 housing units in the neighborhood. The 1,027 low-income units represent about 21.9% of this estimated housing inventory, indicating that LIHTC-funded affordable housing covers a substantial portion of the neighborhood's housing stock.
The LIHTC program has invested significantly in Hunts Point, with project tax credits totaling $7,493,021. This translates to an average federal funding of approximately $6,850 per unit in LIHTC-funded projects. Affordable housing has been a long-standing feature of Hunts Point, with the earliest LIHTC project, Round I (Bk Bryant Avenue), completed in 1989. The most recent project, Hunts Point Apartments LP, was finished in 2016, demonstrating nearly three decades of continuous affordable housing development in the area.
The 1990s saw the most affordable housing activity, with projects like Hunts Point Cluster (1997) and Longfellow Cluster (1999) being completed. The 2000s and 2010s also saw steady development, including Jasmine Court (2003) and Pio Mendez HDFC (2015).
The LIHTC-funded housing stock in Hunts Point offers a diverse range of unit types. Of the 1,094 total units, there are 170 efficiencies, 260 one-bedroom units, 216 two-bedroom units, 54 three-bedroom units, and 14 four-bedroom units. This variety caters to different household sizes and needs within the community. One notable project is Jasmine Court, completed in 2003, which specifically targets individuals with AIDS/HIV. This specialized housing addresses the unique needs of a vulnerable population within the community.
Over the past decade, Hunts Point has experienced some demographic shifts. The population has declined slightly, from 13,519 in 2015 to 12,222 in 2022. However, the median income has increased significantly, rising from $22,513 in 2015 to $30,757 in 2022. Racially, the neighborhood has maintained a predominantly Hispanic population, although this percentage has decreased slightly from 70% in 2015 to 68% in 2022. The Black population has remained relatively stable, while there has been a small increase in the White population from 1% to 3% over this period.
These demographic changes, particularly the rising median income, may have influenced the slower pace of LIHTC project development in recent years compared to earlier decades. Hunts Point's LIHTC-funded affordable housing inventory is substantial, covering over 20% of the estimated housing stock. The neighborhood has benefited from nearly three decades of affordable housing development, with a diverse range of unit types catering to various household needs. While demographic shifts may have impacted recent development patterns, the existing LIHTC inventory continues to play a crucial role in providing affordable housing options for the community.