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Affordable Housing in Manhattan Valley: Three Decades of LIHTC Investment
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Manhattan Valley, a neighborhood in Manhattan, New York, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area has 909 total units in LIHTC funded projects, with 793 of these designated as low-income units. Based on the 2022 population of 31,457 and using the national average household size of 2.61, there are approximately 12,052 housing units in the neighborhood. The LIHTC funded affordable housing covers about 7.5% of the estimated housing inventory, contributing substantially to the neighborhood's affordable housing needs.
The LIHTC program has invested significantly in Manhattan Valley, with project tax credits totaling $5,272,057. This translates to an average federal funding of approximately $5,800 per unit in LIHTC funded projects, demonstrating a considerable commitment to affordable housing in the area.
Affordable housing has been a long-standing feature of Manhattan Valley, with the first LIHTC project, "W 104Th St," completed in 1989. The most recent project with a known completion date is "44Th Drive Rental," finished in 2016. This 27-year span indicates a sustained effort to provide affordable housing in the neighborhood.
The 1990s saw the most affordable housing activity, with multiple projects completed, including "Round I (Parkside)" in 1990, "Round Ii (Parkway Housing)" in 1991, and "Round Iii (Simon Bolivar Housing)" in 1992. The early 2000s also saw significant development, with projects like "Park Valley" in 2001 and "Fania Gersham" in 2006.
Manhattan Valley's LIHTC funded housing inventory is diverse, comprising 273 efficiencies, 142 one-bedroom units, 107 two-bedroom units, and 6 three-bedroom units. This mix caters to various household sizes and needs within the low-income population.
Over the past decade, Manhattan Valley has experienced some demographic shifts. The population has remained relatively stable, fluctuating between 30,000 and 32,000 residents. Median income has shown an overall upward trend, rising from $52,418 in 2013 to $60,649 in 2022, with some fluctuations in between.
Racial composition has also evolved. The Hispanic population has remained the largest group, consistently around 39-41% of the total. The White population has decreased slightly from 36% in 2013 to 33% in 2022. The Asian population has seen the most significant increase, growing from 7% in 2013 to 11% in 2022. The Black population has remained relatively stable, around 13-15%.
These demographic changes, particularly the rising median income, may have influenced the need for and development of affordable housing in recent years. The stable Hispanic population, which is often disproportionately affected by housing affordability issues, underscores the ongoing importance of LIHTC funded projects in the neighborhood.
Manhattan Valley's LIHTC funded affordable housing inventory plays a crucial role in meeting the neighborhood's housing needs. With 909 total units, including 793 low-income units, these projects cover approximately 7.5% of the estimated housing stock. The long-term presence of LIHTC projects, spanning from 1989 to 2016, demonstrates a consistent commitment to affordable housing. The diverse unit mix caters to various household sizes, while the substantial federal investment of over $5 million highlights the program's significance in the area. As the neighborhood continues to evolve demographically, with rising median incomes and shifting racial compositions, the LIHTC program remains an essential tool in maintaining housing affordability in Manhattan Valley.
