Loading Content...
Affordable Housing in Manhattan's Garment District: LIHTC's Impact on a Changing Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Garment District in Manhattan, New York, contains a significant amount of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood has 1,144 units in LIHTC-funded projects, with 241 designated as low-income units. Based on the 2022 population of 10,106 and an estimated 3,872 housing units, LIHTC-funded affordable housing comprises approximately 29.5% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $31,943,434 in tax credits in the Garment District. This equates to an average federal funding of $27,923 per unit in LIHTC-funded projects. Affordable housing development in the neighborhood occurred consistently from 2002 to 2015. The initial LIHTC project, "66-68 W38Th St," was completed in 2002, while the most recent, "160 Madison Avenue Apartments," was finished in 2015.
The 2000s were particularly active for affordable housing construction in the Garment District, with four out of five projects completed during this decade. Notable projects include "Magellan" (2003), "Tower 31" (2005), and "1 East 35Th Street Apts" (2007). The LIHTC-funded housing stock in the neighborhood consists of 1,144 units, distributed as follows: 239 efficiencies, 807 one-bedroom units, and 98 two-bedroom units. The prevalence of smaller units indicates a focus on accommodating single individuals or small households.
The Garment District has experienced significant demographic changes over the last decade. The population increased from 9,003 in 2015 to 10,106 in 2022, suggesting a rising demand for housing. The median income rose from $131,704 in 2015 to $144,683 in 2022, indicating a trend towards gentrification.
Racial demographics have also shifted. The proportion of Asian residents decreased slightly from 27% in 2015 to 25% in 2022, while the Hispanic population increased from 5% to 11%. The white population declined from 61% to 53% during this period. These changes reflect growing diversity in the neighborhood.
Despite the absence of new LIHTC projects since 2015, the demographic trends suggest a potential ongoing need for affordable housing development. The rising median income and changing racial composition indicate that maintaining affordable options may be crucial for preserving the neighborhood's diversity and accommodating lower-income residents.
The Garment District's substantial inventory of LIHTC-funded affordable housing covers nearly 30% of its estimated housing stock. The neighborhood experienced significant affordable housing development between 2002 and 2015, focusing on smaller units. While no new LIHTC projects have been completed since 2015, demographic trends show a growing population, rising incomes, and increasing diversity, potentially indicating a continued need for affordable housing options. The existing LIHTC inventory plays a vital role in maintaining housing accessibility in this evolving Manhattan neighborhood.
