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Affordable Housing in Mt. Hope: LIHTC's Long-Term 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
Mt. Hope, a neighborhood in the Bronx, New York, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood hosts 413 total units in LIHTC funded projects, with 372 of these designated as low-income units. Based on the 2022 population of 19,628 and using the national average household size, the estimated housing inventory for Mt. Hope is approximately 7,520 units. The LIHTC funded affordable housing covers about 5.5% of the estimated housing inventory in the neighborhood.
The LIHTC program has invested significantly in Mt. Hope, with project tax credits totaling $3,654,894. This translates to an average federal funding of approximately $8,850 per unit in LIHTC funded projects. The neighborhood has seen a consistent development of affordable housing over several decades. The earliest recorded LIHTC project, "Round II (Townsend Ave)," was completed in 1991, while the most recent project with a known completion date is "Monroe Court," finished in 2014. This indicates at least 23 years of continuous affordable housing development in Mt. Hope.
The 1990s saw the most LIHTC project completions, with three projects: "Round II (Townsend Ave)" (1991), "1764-68 Weeks Avenue" (1994), and "Jericho Residence Bronx II" (1995). The 2000s and 2010s each saw two project completions, showing ongoing commitment to affordable housing in the area. The LIHTC funded projects in Mt. Hope offer a diverse range of unit types. The inventory includes 26 efficiencies, 59 one-bedroom units, 109 two-bedroom units, and 60 three-bedroom units. This distribution suggests a focus on accommodating various household sizes, with a particular emphasis on two-bedroom units.
Over the past decade, Mt. Hope has experienced some demographic shifts. The population has remained relatively stable, with minor fluctuations. The median income has shown an overall upward trend, increasing from $24,736 in 2013 to $33,457 in 2022, with a peak of $40,010 in 2021. This gradual income growth might indicate a slowly improving economic situation for residents.
Racial demographics have also evolved. The Hispanic population, while still the majority, has decreased from 70% in 2013 to 61% in 2022. Conversely, the Black population has increased from 25% to 32% during the same period. The Asian and White populations have remained relatively stable at around 1-2% each. The neighborhood has also seen a slight increase in residents identifying as two or more races, growing from less than 1% to 3% over the decade. These demographic changes, particularly the gradual increase in median income and shifts in racial composition, may influence future affordable housing needs and development in Mt. Hope.
Mt. Hope's LIHTC funded affordable housing inventory represents a significant portion of the neighborhood's estimated housing stock. The consistent development of LIHTC projects over more than two decades demonstrates a long-term commitment to affordable housing in the area. The diverse unit types available cater to various household sizes, reflecting an attempt to meet different housing needs within the community. While demographic shifts and increasing median income suggest evolving neighborhood dynamics, the continued presence of LIHTC projects indicates an ongoing effort to maintain affordable housing options in Mt. Hope.
