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Soundview's Affordable Housing: Three Decades of LIHTC Development in a Changing Bronx 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
Soundview, a neighborhood in the Bronx, New York, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory consists of 954 total units, with 607 specifically designated as low-income units. Based on the 2022 population of 91,077 and an estimated 34,895 housing units, the LIHTC funded affordable housing covers approximately 2.73% of the neighborhood's estimated housing inventory.
The LIHTC program has invested substantially in Soundview, with project tax credits totaling $14,153,147. This translates to an average federal funding of about $14,836 per unit across all LIHTC-funded projects in the neighborhood.
Affordable housing has been a part of Soundview's landscape for over three decades. The first LIHTC project, Bx 1-J, was completed in 1989, while the most recent projects, Story Avenue East Affordable LLC and Story Avenue West, were finished in 2019. This 30-year span demonstrates a long-term commitment to affordable housing in the area.
The 2010s saw the most significant growth in LIHTC-funded affordable housing, with several projects completed during this decade. Notable developments include Soundview Avenue Residence (2013), Soundview Family LLC (2015), Colgate Close and Soundview Senior Housing LLC (both in 2016), and the aforementioned Story Avenue projects in 2019.
The LIHTC-funded housing stock in Soundview offers a diverse range of unit types. Of the 954 total units, there are 58 efficiencies, 376 one-bedroom units, 271 two-bedroom units, and 109 three-bedroom units, catering to various household sizes and needs.
One project of particular interest is Colgate Close, completed in 2016, which targets populations with chronic substance abuse issues, HIV, and disabling medical conditions. This specialized housing addresses the unique needs of vulnerable populations within the community.
Over the past decade, Soundview's population has remained relatively stable, with slight fluctuations. The median income has shown a notable increase, rising from $35,412 in 2013 to $43,928 in 2022. This upward trend in income might indicate a growing need for affordable housing options to ensure economic diversity in the neighborhood.
The racial composition of Soundview has remained fairly consistent, with a slight increase in the Hispanic population (from 62% in 2013 to 63% in 2022) and a small decrease in the Black population (from 31% in 2013 to 28% in 2022). The Asian population has also seen a modest increase from 2% to 4% during this period. These demographic shifts, although minor, may influence the ongoing need for diverse and inclusive affordable housing options.
Soundview's LIHTC-funded affordable housing inventory represents a small but significant portion of the neighborhood's housing stock. The consistent development of LIHTC projects over three decades, particularly the growth in the 2010s, demonstrates an ongoing commitment to affordable housing. The diverse unit types and specialized projects like Colgate Close reflect efforts to meet varied community needs. While the neighborhood has experienced some economic growth and subtle demographic shifts, the continued investment in LIHTC projects suggests a persistent demand for affordable housing options in Soundview.
