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Lincoln Square's Affordable Housing: Two Decades of LIHTC Development in 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
Lincoln Square, a neighborhood in Manhattan, New York, contains a significant inventory of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood has 2,049 total units in LIHTC-funded projects, with 805 designated as low-income units. Based on the 2022 population of 56,074 and an estimated 21,484 housing units, LIHTC-funded affordable housing represents approximately 9.5% of the neighborhood's estimated housing inventory.
The LIHTC program has invested substantially in Lincoln Square, with project tax credits totaling $9,276,226. This translates to an average federal funding of about $4,527 per unit across all LIHTC-funded projects in the neighborhood.
Lincoln Square has a long history of affordable housing development through LIHTC. The first project, Manhattan West, was completed in 1995, while the most recent projects, 175 West 60th Street and Riverside Site 2, were finished in 2016. This 21-year span demonstrates a sustained commitment to affordable housing in the area.
The 2010s saw the most significant LIHTC development activity in Lincoln Square. Notable projects from this decade include Amsterdam and Amsterdam Addition (both completed in 2011), 160 West 62nd Street (2014), and the aforementioned 2016 projects.
The LIHTC-funded housing stock in Lincoln Square offers a diverse range of unit types. Of the 2,049 total units, there are 390 efficiencies, 946 one-bedroom units, 500 two-bedroom units, 32 three-bedroom units, and 1 four-bedroom unit. This distribution suggests a focus on accommodating smaller households and families.
Over the past decade, Lincoln Square has experienced notable demographic shifts alongside its LIHTC developments. The population has grown steadily, increasing from 50,460 in 2013 to 56,074 in 2022, an 11.1% growth. Despite this population increase, the median income has remained relatively stable, fluctuating between approximately $145,000 and $153,000 annually.
Racial demographics have also evolved. The white population has decreased from 72% in 2013 to 63% in 2022, while the Asian population has increased from 10% to 18% during the same period. The Hispanic and Black populations have remained relatively stable, with slight increases.
These demographic changes, particularly the population growth and stable median income, suggest an ongoing need for affordable housing options in Lincoln Square, aligning with the continued LIHTC developments observed through 2016.
Lincoln Square demonstrates a significant presence of LIHTC-funded affordable housing, with 2,049 total units representing about 9.5% of the estimated housing inventory. The neighborhood has seen consistent LIHTC development over two decades, with the most activity occurring in the 2010s. The housing stock offers a variety of unit types, primarily catering to smaller households. Demographic trends, including population growth and evolving racial composition, align with the continued development of affordable housing in the area. These LIHTC projects play a crucial role in maintaining housing accessibility in this high-income Manhattan neighborhood.
