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Affordable Housing in South Williamsburg: Three Decades of LIHTC Development
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 Williamsburg, a neighborhood in Brooklyn, New York, has a significant presence of affordable housing supported by the Low-Income Housing Tax Credit (LIHTC) program. The neighborhood contains 673 total units in LIHTC-funded projects, with 502 designated as low-income units. Based on the 2022 population of 48,116 and an estimated 18,435 housing units, LIHTC-funded affordable housing comprises approximately 3.65% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $4,340,691 in tax credits in South Williamsburg, averaging about $6,450 per unit in LIHTC-funded projects. The neighborhood's affordable housing development spans nearly three decades, with the earliest LIHTC project completed in 1989 and the most recent in 2018. This period saw the completion of several projects, including "101-3 So Third St" (1989), "Round I (Rodney Driggs)" (1990), "Round Vi (Southside United)" (1997), "Schaefer Brewery Apts" (2005), "11 Broadway" (2012), and "Los Sures Housing For The Elderly" (2014).
LIHTC-funded projects in South Williamsburg offer diverse unit types: 115 efficiencies, 134 one-bedroom units, 142 two-bedroom units, 95 three-bedroom units, and 24 four-bedroom units. This variety caters to different household sizes and needs within the community.
South Williamsburg has experienced significant demographic changes over the past decade. The population increased from 41,611 in 2014 to 48,116 in 2022, a 15.6% growth. Median income rose from $45,618 in 2014 to $71,511 in 2022, a 56.8% increase. Racial demographics remained relatively stable, with the white population consistently comprising about 60-63% of residents. The Hispanic population decreased slightly from 29% in 2014 to 25% in 2022, while the Black population increased from 3% to 8% during the same period.
The completion of two LIHTC projects in 2018 coincides with a period of rapid population growth and rising median incomes, suggesting a continued need for affordable housing options in the face of potential gentrification pressures.
South Williamsburg's LIHTC-funded affordable housing inventory plays a crucial role in maintaining housing diversity in this evolving neighborhood. The 673 total units, including 502 low-income units, provide essential housing options for lower-income residents. The long-standing presence of LIHTC projects, spanning from 1989 to 2018, demonstrates a sustained commitment to affordable housing in the area. The diverse unit mix caters to various household sizes, while the federal investment of over $4.3 million underscores the program's significance in supporting affordable housing development. As the neighborhood continues to experience population growth and rising incomes, the ongoing provision of affordable housing remains a critical component in maintaining a diverse and inclusive community.
