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Affordable Housing in Prospect Lefferts Gardens: LIHTC Impact and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Prospect Lefferts Gardens, a neighborhood in Brooklyn, New York, has a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has a total of 248 units in LIHTC-funded projects, with 121 of these specifically designated as low-income units. Based on the 2022 population of 29,548 and an estimated 11,321 housing units, the LIHTC-funded affordable housing represents approximately 2.19% of the neighborhood's estimated housing inventory.
The LIHTC program has invested significantly in Prospect Lefferts Gardens, with project tax credits totaling $723,998. This translates to an average federal funding of about $2,919 per unit in LIHTC-funded projects. The neighborhood has seen affordable housing development spanning several years, with the earliest recorded project, East NY Cluster, completed in 2000, and the most recent, 626 Flatbush Avenue, finished in 2016. This 16-year span demonstrates a sustained commitment to affordable housing in the area.
The LIHTC-funded projects in Prospect Lefferts Gardens offer a diverse range of unit types. The inventory includes 9 efficiencies, 94 one-bedroom units, 87 two-bedroom units, and 36 three-bedroom units. This variety caters to different household sizes and needs within the community.
Over the past decade, Prospect Lefferts Gardens has experienced demographic shifts that may correlate with its affordable housing landscape. The population has fluctuated, peaking at 33,393 in 2017 before decreasing to 29,548 in 2022. Simultaneously, the median income has shown an overall upward trend, rising from $57,062 in 2013 to $72,550 in 2022, with some fluctuations in between.
Racial demographics have also evolved. The Black population has decreased from 72% in 2013 to 55% in 2022, while the White population has increased from 12% to 24% over the same period. The Hispanic population has remained relatively stable, ranging between 9-12%. These shifts might reflect changing neighborhood dynamics and potentially impact the demand for affordable housing.
Prospect Lefferts Gardens presents a complex picture of affordable housing and demographic change. The LIHTC program has contributed significantly to the neighborhood's affordable housing stock, with projects spanning nearly two decades. While the proportion of LIHTC-funded units to the total estimated housing inventory is relatively small, it represents an important resource for low-income residents. The neighborhood's changing demographics, including rising median incomes and shifting racial composition, may influence future affordable housing needs and development in the area. Continued monitoring of these trends will be crucial for addressing the community's evolving housing requirements.
