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Port Richmond's LIHTC-Funded Affordable Housing: A Decade of Stability in Staten Island
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Port Richmond, a neighborhood in Staten Island, New York, contains 122 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units, all designated as low-income, constitute approximately 1.52% of the neighborhood's estimated 8,004 housing units, based on the 2022 population of 20,890. This percentage indicates that LIHTC contributes to affordable housing in Port Richmond, likely forming part of the overall affordable housing landscape in the area.
The LIHTC program has invested $164,496 in tax credits for affordable housing projects in Port Richmond, averaging about $1,348 per unit. Affordable housing has been present in Port Richmond for several decades. The first LIHTC project, Buckingham House, was completed in 1992, while the most recent project, Nicholas Manor, was finished in 1998. This six-year span demonstrates a consistent effort to provide affordable housing options in the neighborhood.
The 1990s were particularly active for LIHTC development in Port Richmond, with all three projects completed during this decade. Notable projects include Parkside Senior Citizens Apartments (1995) and Nicholas Manor (1998), in addition to the aforementioned Buckingham House. Port Richmond's LIHTC inventory consists of 11 efficiencies, 38 one-bedroom units, and 37 two-bedroom units. This distribution suggests a focus on accommodating smaller households and potentially senior citizens.
Over the past decade, Port Richmond has experienced demographic shifts. The population has grown from 18,591 in 2018 to 20,890 in 2022, indicating increasing housing demand. Median income has also risen, from $78,515 in 2018 to $80,904 in 2022, suggesting a potential need for continued affordable housing options.
Racial demographics have remained relatively stable, with a slight increase in diversity. The Hispanic population has consistently been the largest group, comprising around 38-40% of residents, followed by White residents at about 33-34%. The Black population has seen a small increase from 17% in 2018 to 18% in 2021, before settling at 17% in 2022.
Port Richmond's LIHTC-funded affordable housing inventory represents an important component of the neighborhood's housing landscape. The 122 low-income units, developed primarily in the 1990s, offer a range of housing options from efficiencies to two-bedroom apartments. Despite no new LIHTC projects in recent years, the neighborhood's growing population and rising median income suggest a continued need for affordable housing options. The stable racial demographics indicate that the existing LIHTC projects likely serve a diverse resident population. While LIHTC contributes to affordable housing in Port Richmond, other programs and initiatives may also play a role in meeting the neighborhood's overall affordable housing needs.
