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Astoria's Affordable Housing: LIHTC Impact on a Changing 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
Astoria, a neighborhood in Queens, New York, has utilized the Low-Income Housing Tax Credit (LIHTC) program to provide affordable housing. The LIHTC-funded affordable housing inventory in Astoria comprises 149 total units, with 146 designated as low-income units. This represents approximately 0.39% of the neighborhood's estimated 38,115 housing units.
The LIHTC program has invested $1,091,999 in tax credits for affordable housing projects in Astoria, averaging about $7,329 per unit in federal funding. The first LIHTC project, Astoria Mac, was completed in 1991, while the most recent projects, Hallets Cove Apts and Msgr. Thomas Campbell Senior Apartments L.P., were completed in 2007. This indicates a 16-year span of affordable housing development in the neighborhood.
The 2000s marked the peak of affordable housing activity in Astoria, with two projects completed in 2007, significantly increasing the affordable housing stock. The LIHTC-funded housing in Astoria offers various unit types: 14 efficiencies, 119 one-bedroom units, 12 two-bedroom units, and 4 three-bedroom units. This distribution suggests a focus on smaller households and potentially senior housing.
Astoria's population has experienced slight fluctuations over the past decade, declining from 105,809 in 2014 to 99,480 in 2022. However, the median income has increased significantly from $66,085 in 2014 to $84,866 in 2022, indicating a potential shift in the neighborhood's economic landscape.
Racial demographics have remained relatively stable, with a slight increase in diversity. The white population decreased from 55% in 2014 to 55% in 2022, while the Asian population decreased slightly from 13% to 11%. The Hispanic population remained stable at around 24-25%, and there was a small increase in the Black population from 4% to 5%.
The rising median income and relatively stable racial composition suggest that while the neighborhood has become more affluent, it has maintained its diverse character. This demographic shift might indicate a growing need for affordable housing options to maintain economic diversity in the area.
Astoria's LIHTC-funded affordable housing inventory, while modest in relation to the overall housing stock, provides crucial low-income units to the community. The neighborhood has seen significant investment in affordable housing, particularly in the 2000s, with a focus on smaller units potentially catering to seniors and smaller households. The rising median income over the past decade, coupled with a relatively stable population and racial composition, underscores the ongoing importance of affordable housing initiatives in maintaining Astoria's diverse community fabric.
