New Study of Affordable Housing Development in NYC Shows Broad Positive Neighborhood Impacts

Dear Friend of LISC NYC

I want to let you know about a new study that has just been released by LISC and Enterprise, which examines the impact of Low-Income Housing Tax Credit (LIHTC)-financed affordable housing development in NYC.  The study shows affordable housing development – specifically housing developed with LIHTC investment – is a proven economic stimulus that can expand neighborhood spending power, raise surrounding property values, and help low-income families stabilize their economic outlook.

The study, written by Chris Walker, LISC's Director of Research, presents the results of a quantitative analysis that NYU’s Furman Center did for LISC and Enterprise. The Furman Center researchers measured the impact of LIHTC development projects, consisting of the redevelopment of formerly city-owned buildings, on neighborhood property values, using relative changes in neighborhood property values as an indicator of neighborhood improvement/desirability. LISC and Enterprise, with the help of consultants, did additional qualitative research that included case studies of two LIHTC projects in the Bronx – one of them developed by Belmont Arthur Avenue LDC, one of LISC NYC’s nonprofit CDC partners.

This study makes a good case both for the value of affordable housing development in general as a tool for economic development/recovery, and also for the value of the LIHTC specifically. It also confirms the value of the City of New York’s unique and significant commitment to affordable housing over the past three decades. It shows that affordable housing development is good for residents, neighborhoods, and the city as a whole. I am very excited to be able to share this report with you.
 

Sincerely,

Denise Scott, Managing Director

Read Crains' coverage of the study >>

Download the study as a pdf >>