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Affordable Housing in Stuyvesant Heights: LIHTC Impact on a Changing Brooklyn Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Stuyvesant Heights, a historic neighborhood in Brooklyn, New York, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory includes 3,552 total units, with 2,913 designated as low-income units. Based on the 2022 population of 92,626 and an estimated 35,489 housing units, the LIHTC-funded affordable housing covers approximately 10% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $23,795,368 in project tax credits for Stuyvesant Heights, averaging about $6,699 per unit in federal funding. Affordable housing has been a part of the neighborhood's landscape since at least 1989, with the completion of the "Round I (New Prospects)" project. The most recent project listed is the "Bridge Community" completed in 2018, indicating nearly three decades of LIHTC investment in the area.
The 1990s and early 2000s saw the most affordable housing projects completed in Stuyvesant Heights. Notable projects from this period include "Round VI (Brooklyn)" in 1994, "Green Avenue" in 1995, and "Kosciusko Cluster" in 2001. The LIHTC-funded housing in Stuyvesant Heights offers a diverse range of unit types. The inventory includes 330 efficiencies, 607 one-bedroom units, 964 two-bedroom units, 507 three-bedroom units, and 62 four-bedroom units, catering to various household sizes and needs.
Some projects address specific populations. For example, the "Rugged Cross Apts" completed in 2008 targets individuals with AIDS/HIV, while the "Comunilife Woodhull" project from 2018 focuses on those with Serious Mental Illness (SMI). The "Bridge Community" project, also completed in 2018, serves domestic abuse victims, addressing a critical need in the community.
Over the past decade, Stuyvesant Heights has experienced significant demographic shifts. The population has grown from 80,435 in 2014 to 92,626 in 2022, an increase of about 15%. During this period, the median income rose from $45,948 in 2014 to $65,130 in 2022, indicating economic growth in the neighborhood. Racial demographics have also shifted. The Black population decreased from 72% in 2014 to 60% in 2022, while the White population increased from 6% to 17% during the same period. The Hispanic population remained relatively stable at around 16-17%.
Despite these demographic changes, LIHTC projects have continued to be developed in the neighborhood, with several projects completed between 2010 and 2018. This suggests an ongoing need for affordable housing even as the area experiences economic growth and demographic shifts.
Stuyvesant Heights has a substantial LIHTC-funded affordable housing inventory, covering approximately 10% of the estimated housing stock. The neighborhood has seen continuous investment in affordable housing over nearly three decades, with a diverse range of unit types and some projects targeting specific populations with unique needs. Despite demographic changes, including population growth, rising median income, and shifts in racial composition, the development of LIHTC projects has persisted, indicating an ongoing commitment to maintaining affordable housing options in this evolving Brooklyn neighborhood.
