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Affordable Housing Trends in Zip Code 11221: A Three-Decade LIHTC Investment Analysis
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 11221, located in Brooklyn, New York, exhibits a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area contains 4,069 total units in LIHTC-funded projects, with 3,525 units specifically designated as low-income. Based on the 2022 population of 91,268 and an estimated 34,969 housing units, LIHTC-funded affordable housing comprises approximately 11.6% of the total housing stock in this zip code.
The LIHTC projects in zip code 11221 have received $18,201,001 in tax credits, averaging about $4,473 per unit in federal funding. This represents 0.86% of the total LIHTC funding allocated to New York State, indicating a substantial investment in affordable housing for this particular area. The first LIHTC project in this zip code, "Round I (New Prospects)," was completed in 1989, while the most recent project, "Hope Gardens," was finished in 2020. This 31-year span demonstrates a long-standing commitment to affordable housing in the area.
The housing stock in zip code 11221 is diverse, including 319 efficiencies, 770 one-bedroom units, 1,182 two-bedroom units, 694 three-bedroom units, and 117 four-bedroom units. This variety caters to different household sizes and needs within the community. One notable project, "Rugged Cross Apts" completed in 2008, specifically targets individuals with AIDS/HIV, addressing the unique housing needs of this vulnerable population.
Over the past decade, zip code 11221 has experienced population growth, increasing from 84,262 in 2015 to 91,268 in 2022. Median income has also risen significantly, from $49,655 in 2015 to $65,361 in 2022, potentially indicating gentrification pressures. The racial composition of the area has shifted, with the Black population decreasing from 46% in 2015 to 40% in 2022, while the White population increased from 10% to 20% during the same period. The Hispanic population also decreased slightly from 39% to 31%. These demographic changes may influence the ongoing need for affordable housing in the area.
Zip code 11221 in Brooklyn has a substantial LIHTC-funded affordable housing inventory, representing about 11.6% of the estimated total housing stock. The area has seen continuous investment in affordable housing over three decades, with diverse unit types catering to various household needs. Recent demographic shifts, including population growth, rising median income, and changing racial composition, underscore the importance of maintaining and potentially expanding affordable housing options in this evolving community.
