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Affordable Housing Analysis for Zip Code 19004: Bala Cynwyd's Single LIHTC Project
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 19004, located in Bala Cynwyd, Pennsylvania, contains 6 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units constitute approximately 0.15% of the estimated 3,966 housing units in the zip code, based on the 2022 population. The LIHTC program has allocated $41,298 in tax credits for affordable housing projects in this zip code, averaging $6,883 per unit. This allocation represents 0.01% of the total LIHTC funding in Pennsylvania.
The single LIHTC project in this area is the Ardmore Housing For The Elderly, completed in 1997. This project has provided affordable housing options for over 25 years, consisting of 5 one-bedroom units and 1 four-bedroom unit. The project primarily serves elderly residents who may require accessible and affordable housing options.
Demographic shifts have occurred in zip code 19004 over the past decade. The population increased from 9,442 in 2019 to 10,350 in 2022. Median income decreased from $133,189 in 2019 to $129,409 in 2022, potentially indicating a growing need for affordable housing options. Racial demographics have also changed, with the white population decreasing from 81% in 2019 to 77% in 2022, while the Black population increased from 3% to 10% during the same period. The Asian population remained relatively stable at around 7-9%.
Despite these demographic changes, no new LIHTC projects have been developed in the last decade. This lack of new development could be attributed to various factors, including limited available land, zoning restrictions, or the presence of other affordable housing programs not captured in the LIHTC data.
Zip code 19004 in Bala Cynwyd has a small but established presence of LIHTC funded affordable housing, primarily serving elderly residents. While the LIHTC units represent a small fraction of the estimated housing inventory, they provide important affordable options in an area with high median incomes. Recent demographic shifts, including a slight decrease in median income and increased racial diversity, may indicate a growing need for affordable housing. However, the absence of new LIHTC projects in the past decade suggests that other factors may be influencing affordable housing development in this affluent suburban area.
