The only LIHTC-funded project in Old Brooklyn is La Villa Hispana, completed in 2020. This project marks the beginning of LIHTC-funded affordable housing in the neighborhood, indicating a relatively recent introduction of this type of affordable housing. La Villa Hispana consists of three three-bedroom units, catering to families or larger households in need of affordable housing. The project does not have a specific target population listed.

Over the past decade, Old Brooklyn has experienced some demographic shifts. The population has slightly decreased from 44,575 in 2017 to 42,875 in 2022. During this period, the median income has increased from $42,856 in 2017 to $47,709 in 2022, indicating a moderate improvement in economic conditions. Racial demographics have also changed, with the white population decreasing from 71% in 2017 to 65% in 2022. The Hispanic population has slightly increased from 17% to 18%, while the Black population has grown from 7% to 9%. The Asian population and those identifying as two or more races have also seen small increases.

The introduction of LIHTC-funded affordable housing in 2020 coincides with these demographic shifts, possibly responding to changing housing needs in the neighborhood. Old Brooklyn's LIHTC-funded affordable housing inventory is limited but recent, with one project completed in 2020. The La Villa Hispana project provides three three-bedroom units, representing a small but targeted contribution to the neighborhood's affordable housing stock. The significant per-unit investment through LIHTC funding demonstrates a commitment to quality affordable housing.

While the LIHTC-funded units represent a very small percentage of the estimated housing inventory, this analysis does not account for other affordable housing programs that may be present in the neighborhood. The recent introduction of LIHTC-funded housing aligns with demographic changes in Old Brooklyn, including a slight decrease in population, moderate income growth, and increasing racial diversity. These factors may continue to influence future affordable housing needs and development in the neighborhood.