Loading Content...
Affordable Housing in Manhattan: LIHTC's Three-Decade Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Manhattan's Low-Income Housing Tax Credit (LIHTC) program has significantly contributed to affordable housing provision. The borough's LIHTC-funded affordable housing inventory comprises 68,533 total units, with 41,037 designated as low-income units. This represents approximately 10.9% of Manhattan's estimated 630,635 housing units, indicating a substantial contribution to affordable housing needs.
Manhattan has received $484,554,010 in LIHTC project tax credits for affordable housing. With approximately 768 projects, this translates to an average federal funding of about $630,929 per project. The average federal funding per unit is approximately $7,070. Manhattan holds 22.98% of New York State's total LIHTC funding, demonstrating its significant share of affordable housing investment within the state.
The LIHTC program has been active in Manhattan for over three decades, with the first recorded projects completed in 1989. The most recent project in the data was completed in 2019, showcasing a long-standing commitment to affordable housing. The years 2010-2012 saw a notable surge in LIHTC project completions.
Manhattan's LIHTC-funded housing stock offers a diverse range of unit types. Out of the total 68,533 units, there are 11,119 efficiencies, 21,732 one-bedroom units, 16,820 two-bedroom units, 4,136 three-bedroom units, and 665 four-bedroom units. This distribution caters to various household sizes and needs. Several projects target specific populations, such as individuals with AIDS/HIV or mental illness.
Over the past decade, Manhattan's population has shown slight fluctuations, with a peak of 1,669,257 in 2021 before decreasing to 1,645,957 in 2022. The median income has generally increased, rising from $93,462 in 2013 to $99,842 in 2022, with some variations in between. The racial distribution has remained relatively stable, with slight increases in Asian and Hispanic populations and a small decrease in the White population.
The continued development of LIHTC projects during this period aligns with the growing population and rising median income, suggesting an ongoing need for affordable housing options in an increasingly expensive urban environment. While LIHTC projects contribute significantly to Manhattan's affordable housing landscape, the borough's high population density and rising median income indicate a continued need for affordable housing solutions to meet the demands of its diverse population.
