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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Norwood, a neighborhood in the Bronx, New York, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area contains 536 total units in LIHTC-funded projects, with 498 of these designated as low-income units. Based on the 2022 population of 38,755 and an estimated 14,849 housing units, the LIHTC-funded affordable housing comprises approximately 3.61% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $7,198,688 in tax credits for affordable housing projects in Norwood. This investment equates to an average federal funding of about $13,430 per unit. The neighborhood has experienced consistent development of affordable housing over two decades, with the first recorded LIHTC project, Creston Ave Cluster (E 204Th St), completed in 2002, and the most recent, Parkside Terrace, finished in 2018.
The 2010s witnessed the most significant growth in affordable housing, with six out of eight projects completed during this decade. Notable developments include Webster Green and Norwood Gardens Apartments, both completed in 2018, indicating a recent increase in affordable housing options.
The LIHTC-funded projects in Norwood offer a diverse range of unit types, including 241 efficiencies, 104 one-bedroom units, 139 two-bedroom units, and 26 three-bedroom units. This variety accommodates different household sizes and needs within the community.
Several projects target specific populations, addressing unique housing needs. For instance, Mosholu Gardens and Hull Avenue Residence, completed in 2011 and 2012 respectively, focus on individuals with mental illness. Webster Green, finished in 2018, is designed for those with Serious Mental Illness (SMI), demonstrating a commitment to serving vulnerable populations within the community.
Over the past decade, Norwood's population has remained relatively stable, fluctuating between 38,000 and 41,000 residents. The median income has shown a gradual increase, rising from $35,526 in 2015 to $42,504 in 2022. This trend may indicate a growing need for affordable housing options to maintain economic diversity in the neighborhood.
The racial composition of Norwood has remained fairly consistent, with a predominant Hispanic population (around 60-63% over the past decade). The completion of several LIHTC projects during this period aligns with the demographic stability, potentially helping to maintain the neighborhood's diverse character.
Norwood's LIHTC-funded affordable housing inventory represents a small but significant portion of its estimated housing stock. The neighborhood has seen consistent development of affordable housing projects over two decades, with a concentration of activity in the 2010s. These projects offer a range of unit types and cater to diverse needs, including specialized housing for individuals with mental illness. While the LIHTC-funded units cover only a fraction of the estimated housing inventory, they play a crucial role in providing affordable options in a neighborhood with a stable population and gradually increasing median income.