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Affordable Housing in Zip Code 11205: LIHTC Funding and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Brooklyn's zip code 11205, located in New York, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area contains 647 total units in LIHTC-funded projects, with 400 of these designated as low-income units. Based on the 2022 population of 51,176 and an estimated 19,608 housing units, the LIHTC-funded affordable housing covers approximately 3.3% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 11205 have received $4,981,147 in project tax credits, averaging about $7,700 in federal funding per unit. This zip code holds 0.24% of New York's total LIHTC funding, indicating a modest but notable share of the state's affordable housing investment.
Affordable housing has been a part of zip code 11205 for over two decades. The earliest recorded LIHTC project, Mercy Home Single Room Occupancy, was completed in 1993, while the most recent, CABS Senior Housing, was finished in 2015. The 1990s saw the most affordable housing development, with four projects completed during this decade.
The LIHTC-funded housing in zip code 11205 offers a diverse range of unit types. Out of the 647 total units, there are 287 efficiencies, 139 one-bedroom units, 103 two-bedroom units, and 16 three-bedroom units. This distribution suggests a focus on accommodating smaller households and potentially single residents.
Over the past decade, zip code 11205 has experienced significant demographic shifts. The population has grown from 45,048 in 2013 to 51,176 in 2022, an increase of about 13.6%. Median income has also risen, from $60,306 in 2013 to $67,190 in 2022, representing an 11.4% increase.
Racial demographics have also changed notably in zip code 11205. The white population has increased from 38% in 2013 to 51% in 2022, while the Black population has decreased from 31% to 21% during the same period. The Hispanic population has also seen a slight decrease from 22% to 15%.
Despite these demographic changes, no new LIHTC projects have been completed in zip code 11205 since 2015. This could be due to various factors, including changes in local housing policies, shifts in funding priorities, or potentially a reduced perceived need for additional affordable housing in the area.
Zip code 11205 in Brooklyn has an established foundation of LIHTC-funded affordable housing, with projects spanning from 1993 to 2015. The area has 647 LIHTC-funded units, of which 400 are designated as low-income. While this represents a small percentage of the estimated housing inventory, it is a significant contribution to affordable housing in the area. The zip code has experienced notable demographic changes in the past decade, including population growth, increased median income, and shifts in racial composition. Despite these changes, there has not been new LIHTC development since 2015, which could be attributable to various economic and policy factors.
