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Riverdale's Affordable Housing: LIHTC Project's Impact on Neighborhood Demographics
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Riverdale, a neighborhood in the Bronx, New York, contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project comprises 86 units, with 85 designated as low-income units. The LIHTC-funded affordable housing represents approximately 0.97% of the estimated 8,849 housing units in the neighborhood.
The LIHTC project in Riverdale received $10,015,523 in tax credits, averaging about $116,459 per unit in federal funding. The project, named "6469 Broadway," was completed in 2016, marking the introduction of LIHTC-funded affordable housing in Riverdale. All 86 units in this project are classified as efficiencies, suggesting a focus on accommodating single individuals or small households.
Over the past decade, Riverdale has experienced demographic changes. The population increased slightly from 21,807 in 2013 to 23,097 in 2022. Median income rose from $94,018 in 2013 to $101,808 in 2022, with some fluctuations during this period. Racial demographics shifted, with the white population decreasing from 67% to 58%, the Hispanic population increasing from 17% to 27%, the Black population increasing from 6% to 8%, and the Asian population decreasing from 7% to 4% between 2013 and 2022.
The completion of the LIHTC project in 2016 coincides with a period of demographic change in the neighborhood. This timing suggests that the project may have been implemented in response to evolving housing needs in the community, particularly as the neighborhood became more diverse.
Riverdale's LIHTC-funded affordable housing inventory, while limited to one project, provides a significant number of low-income units. The project's focus on efficiency units indicates a strategy to address housing needs for smaller households. The timing of the project's completion aligns with demographic shifts in the neighborhood, potentially reflecting an effort to maintain housing affordability in a changing community. Although the LIHTC-funded units represent a small percentage of the overall estimated housing stock, they contribute to the neighborhood's affordable housing options, particularly for those seeking smaller living spaces.
