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Affordable Housing in South Beach, Staten Island: LIHTC's Impact on Neighborhood Demographics
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
South Beach, a neighborhood in Staten Island, New York, has 403 affordable housing units funded by the Low-Income Housing Tax Credit (LIHTC) program. These units, all designated as low-income, constitute a significant portion of the community's housing resources. Given South Beach's 2022 population of 11,575 and using the national average household size of 2.61, the estimated total housing inventory is approximately 4,435 units. The LIHTC-funded affordable housing represents about 9.1% of this estimated housing stock.
The LIHTC program has invested $2,483,985 in tax credits for affordable housing projects in South Beach. This equates to an average federal funding of approximately $6,164 per unit. The neighborhood's LIHTC-funded affordable housing inventory consists of one project: Concord Court & Seaside Plaza Apts, completed in 2010. This project marks the inception of LIHTC-funded affordable housing in South Beach.
The housing units in this LIHTC project are diverse, accommodating various household sizes. The inventory includes 98 one-bedroom units, 245 two-bedroom units, and 6 three-bedroom units. This distribution indicates a focus on housing small to medium-sized families and individuals.
South Beach has experienced demographic changes over the past decade that may correlate with the presence of LIHTC-funded affordable housing. The population has fluctuated, increasing from 10,810 in 2020 to 11,575 in 2022. This growth may indicate an increasing demand for housing, including affordable options.
Median income in the neighborhood has varied, rising from $74,057 in 2019 to $80,341 in 2022. Despite this increase, the presence of LIHTC housing suggests a continued need for affordable options for lower-income residents.
Racial demographics have shifted slightly. The white population decreased from 60% in 2020 to 59% in 2022, while the Asian population increased from 16% to 18%. The Hispanic population has remained stable at 15%. These changes reflect a gradually diversifying community, which may benefit from the presence of affordable housing options.
South Beach's LIHTC-funded affordable housing inventory, while comprising a single project, significantly contributes to the neighborhood's housing landscape. The 403 low-income units represent about 9.1% of the estimated housing stock, providing essential affordable options for residents. The demographic trends over the past decade, including population growth and income changes, underscore the ongoing importance of maintaining and potentially expanding affordable housing options in this Staten Island neighborhood.
