Loading Content...
Affordable Housing in Richmond Hill: LIHTC's Impact on a Diverse Queens Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Richmond Hill, a neighborhood in Queens, New York, contains 125 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units constitute approximately 0.98% of the neighborhood's estimated 12,811 housing units, based on the 2022 population of 33,436. The LIHTC program has invested $1,880,964 in tax credits in Richmond Hill, averaging $15,048 per affordable unit. LIHTC-funded affordable housing development in the area occurred between 2007 and 2013.
The LIHTC-funded housing inventory in Richmond Hill includes 2 efficiencies, 65 one-bedroom units, 55 two-bedroom units, and 3 three-bedroom units. This distribution suggests a focus on smaller households and families. The earliest LIHTC project, Gardner Plaza, completed in 2007, targets individuals dealing with substance abuse issues, likely providing specialized support services alongside affordable housing.
Richmond Hill has experienced demographic shifts over the past decade. The population has remained relatively stable, while the median income has increased from $68,573 in 2013 to $74,730 in 2022. As of 2022, the largest racial groups were Asian (32%), Hispanic (32%), and Black (12%). The Asian population has remained relatively constant, while there has been a slight increase in the Black population and a small decrease in the Hispanic population.
The stable population and increasing median income suggest that while there may not have been a pressing need for additional LIHTC projects in recent years, the existing affordable housing continues to play a crucial role in maintaining diversity and accessibility in the neighborhood.
Richmond Hill's LIHTC-funded affordable housing, while comprising a small percentage of the estimated housing inventory, represents a significant investment in the community. The neighborhood has 125 low-income units, developed between 2007 and 2013, with an average federal investment of $15,048 per unit. The housing stock is diverse, catering to various household sizes, with a notable project addressing the needs of individuals with substance abuse issues. The presence of LIHTC housing likely contributes to maintaining a diverse and inclusive community amidst rising median incomes.
