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Affordable Housing in Van Nest: LIHTC's Two-Decade Impact on Bronx 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
Van Nest, a neighborhood in the Bronx, New York, contains a significant number of Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. The neighborhood has 457 units in LIHTC funded projects, with 247 designated as low-income units. Based on the 2022 population of 17,231 and the national average household size of 2.61, the estimated housing inventory for Van Nest is approximately 6,602 units. LIHTC funded affordable housing comprises about 6.9% of the estimated housing inventory in the neighborhood.
The LIHTC program has invested $3,232,349 in tax credits in Van Nest. This equates to an average federal funding of $7,073 per unit in LIHTC funded projects. The neighborhood has seen a sustained commitment to affordable housing for over two decades, with the first LIHTC project completed in 1991 and the most recent in 2014.
The 2000s were particularly active for affordable housing development in Van Nest. Three projects were completed in the early part of the decade: two in 2002 and one in 2003. This concentration of projects indicates a focused effort to address affordable housing needs during this period.
The LIHTC funded housing inventory in Van Nest offers a range of unit types. Of the 457 total units, there are 73 efficiencies, 101 one-bedroom units, 210 two-bedroom units, and 15 three-bedroom units. This distribution indicates accommodation for various household sizes, with an emphasis on smaller families or individuals.
Van Nest has experienced demographic shifts over the past decade. The population peaked in 2014 at 19,040 and decreased to 17,231 in 2022. Median income has shown an upward trend, rising from $41,082 in 2013 to $50,247 in 2022, with a peak of $58,892 in 2021.
Racial demographics have remained relatively stable. The Hispanic population decreased from 68% in 2013 to 60% in 2022. The Asian population increased from 3% to 5%, and the Black population rose from 13% to 16%. The White population remained constant at around 15-16%.
The absence of new LIHTC projects since 2014 may be related to the overall population decrease and the increase in median income, potentially indicating a reduced need for additional affordable housing units in recent years.
Van Nest's LIHTC funded affordable housing inventory represents 6.9% of its estimated housing stock. The neighborhood has received substantial federal investment through the LIHTC program, with projects spanning over two decades. The housing mix accommodates various household sizes, focusing on smaller units. Demographic shifts show a decreasing population and increasing median income over the past decade, while racial composition has remained relatively stable. These trends may explain the lack of new LIHTC projects since 2014, suggesting a potential stabilization of affordable housing needs in the neighborhood.
