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Affordable Housing Analysis for Veterans in Spring City, Pennsylvania Zip Code 19475
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Spring City, Pennsylvania, zip code 19475, has a population of 11,934 as of 2022. This zip code contains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 49 total affordable units, all of which are low-income units. Based on the estimated housing inventory of 4,572 units, the LIHTC funded affordable housing comprises approximately 1.07% of the zip code's housing stock.
The LIHTC project in zip code 19475 received $1,042,231 in tax credits, averaging $21,270 in federal funding per unit. This funding represents 0.17% of Pennsylvania's total LIHTC allocation, indicating a relatively small portion of the state's affordable housing efforts.
The Whitehall project, completed in 2017, is the notable LIHTC development in zip code 19475. It provides housing specifically targeted towards veterans, addressing a specific need in the community. The project consists of 49 units, with 41 being one-bedroom apartments, 3 two-bedroom units, and 5 three-bedroom units. This unit distribution suggests a focus on accommodating single veterans or small veteran families.
Zip code 19475 has experienced steady population growth over the past decade, increasing from 10,921 in 2013 to 11,934 in 2022. The median income has fluctuated, with a notable increase from $87,969 in 2013 to $131,222 in 2021, before decreasing to $88,702 in 2022. This recent drop in median income could indicate an increased need for affordable housing options.
The racial composition of zip code 19475 has become slightly more diverse over the past decade. The white population decreased from 88% in 2013 to 81% in 2022, while the Hispanic population increased from 1% to 8%. The Black population remained relatively stable, ranging between 3% and 6%. This gradual diversification might influence future affordable housing needs and considerations.
Zip code 19475 in Spring City, Pennsylvania, has a single LIHTC funded affordable housing project, The Whitehall, which caters specifically to veterans. While the project provides 49 low-income units, it represents a small portion (1.07%) of the estimated housing stock. The recent fluctuations in median income and increasing diversity in the area may indicate evolving affordable housing needs. The focus on veteran housing demonstrates a targeted approach to addressing specific community needs within the LIHTC program's framework.
