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Affordable Housing in Upper Carnegie Hill: LIHTC's Impact on a Changing Manhattan 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
Upper Carnegie Hill, a Manhattan neighborhood in New York, possesses a significant LIHTC-funded affordable housing inventory. The area contains 127 units in LIHTC-funded projects, with 62 designated as low-income units. Based on the 2022 population of 4,671 and using the national average household size, the neighborhood is estimated to have approximately 1,790 housing units. LIHTC-funded affordable housing comprises about 7.1% of the estimated housing inventory, making a substantial contribution to the neighborhood's affordable housing stock.
The LIHTC program has invested $1,222,392 in tax credits for affordable housing projects in Upper Carnegie Hill. This equates to an average federal funding of approximately $9,625 per unit in LIHTC-funded projects. Affordable housing has been a component of Upper Carnegie Hill for over two decades. The initial LIHTC project, "E 104Th Street," was completed in 1997, while the most recent project, "8 East 102Nd Street," was finished in 2012. This 15-year span demonstrates a sustained commitment to affordable housing in the neighborhood.
The 1990s witnessed the most affordable housing activity, with two projects completed during this decade: "E 104Th Street" in 1997 and "Harlem Meer" in 1998. These projects have significantly contributed to the neighborhood's affordable housing stock. The affordable housing inventory in Upper Carnegie Hill includes a variety of unit types. Of the known unit breakdowns, there are 18 one-bedroom units, 31 two-bedroom units, and 1 three-bedroom unit. This distribution indicates a focus on housing for small to medium-sized families and individuals.
Over the past decade, Upper Carnegie Hill has experienced certain demographic shifts. The population has remained relatively stable, fluctuating between 4,500 and 5,000 residents. Median income has shown variability, with a notable decrease from $81,403 in 2018 to $57,810 in 2022. This decline in median income could potentially increase the demand for affordable housing options in the neighborhood.
Racial demographics have also evolved. The Hispanic population has remained the largest group, consistently representing around 40% of residents. The White population has fluctuated between 22% and 28%, while the Black population has decreased slightly from 27% to 23%. The Asian population has seen a notable increase from 3% in 2013 to 11% in 2022. These demographic changes may influence future affordable housing needs and strategies in the neighborhood.
Upper Carnegie Hill's LIHTC-funded affordable housing inventory plays a significant role in providing housing options for lower-income residents. With 127 total units and 62 low-income units, these projects contribute to about 7.1% of the estimated housing stock. The neighborhood has seen consistent investment in affordable housing over a 15-year period, with the most activity occurring in the late 1990s. Recent demographic trends, including a decrease in median income and shifts in racial composition, may influence future affordable housing needs in the area. The mix of unit types in LIHTC projects suggests an effort to accommodate diverse household sizes within the affordable housing framework.
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