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Affordable Housing in Times Square: A Decade of LIHTC Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Times Square, a neighborhood in Manhattan, New York, hosts a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This inventory comprises 2,823 total units, with 1,419 designated as low-income units. The LIHTC-funded affordable housing covers approximately 73.4% of the neighborhood's estimated housing stock of 3,846 units, indicating a substantial presence of affordable housing in this area.
The LIHTC program has invested $3,213,459 in project tax credits in Times Square. This equates to an average federal funding of about $1,138 per unit in LIHTC-funded projects. Affordable housing development in the neighborhood occurred consistently from 1994 to 2003, with the Times Square Hotel being the earliest recorded project and 360 West 43rd and Biltmore being the most recent. The 1990s saw the most significant development activity, with eight out of eleven projects completed during this decade.
The LIHTC-funded housing in Times Square offers a diverse range of unit types. The 2,823 total units consist of 896 efficiencies, 997 one-bedroom units, 234 two-bedroom units, and 2 three-bedroom units. This distribution suggests a focus on accommodating smaller households, aligning with the urban character of the neighborhood.
Times Square's population has remained relatively stable over the past decade, fluctuating between 9,500 and 10,500 residents. The median income has shown a general upward trend, increasing from $93,861 in 2013 to $99,821 in 2022, with a peak of $108,100 in 2021. This rising income trend may explain the absence of new LIHTC projects in recent years, as the neighborhood's overall economic profile has improved.
Racial demographics have remained fairly consistent. The Asian population decreased slightly from 21% in 2013 to 17% in 2022, while the Black population increased from 7% to 9%. The White population has maintained a majority, fluctuating around 50-55% throughout the decade. The Hispanic population has remained steady at about 16-17%.
Times Square's affordable housing landscape is characterized by a significant LIHTC-funded inventory that covers a large portion of the neighborhood's estimated housing stock. The area experienced substantial affordable housing development in the 1990s and early 2000s, with a diverse range of unit types predominantly catering to smaller households. While no new LIHTC projects have been recorded in the last decade, the existing inventory continues to play a crucial role in maintaining housing affordability in this Manhattan neighborhood. The rising median income and stable population suggest that the current affordable housing stock may be meeting the neighborhood's needs, though ongoing monitoring would be beneficial to ensure continued alignment with community requirements.
