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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 17601 in Lancaster contains a LIHTC-funded affordable housing inventory of 214 total units, with 207 designated as low-income units. This zip code spans 33.26 square miles and has a population of 57,404 as of 2022. Using the national average household size of 2.61, the estimated housing inventory in this zip code is approximately 21,994 units. The LIHTC-funded affordable housing units constitute about 0.97% of the estimated housing inventory in zip code 17601.
The LIHTC program has allocated $2,823,318 in tax credits for affordable housing projects in zip code 17601. This funding supports 214 total units, resulting in an average federal investment of approximately $13,193 per unit. Zip code 17601 accounts for 0.47% of the total LIHTC funding allocated to Pennsylvania.
Affordable housing has been present in zip code 17601 for over a decade. The initial LIHTC project, Golden Triangle Apts, was completed in 2006, while the most recent project, Westminster At Long Community, was finished in 2012. The 2000s experienced the highest level of affordable housing development activity in this area.
The LIHTC-funded projects in zip code 17601 offer a range of housing options. Of the 214 total units, there are 54 one-bedroom units, 104 two-bedroom units, 39 three-bedroom units, and 17 four-bedroom units. This distribution indicates a focus on accommodating various family sizes and living arrangements.
Zip code 17601 has experienced steady population growth over the past decade, increasing from 49,920 in 2013 to 57,404 in 2022, representing a 15% increase. This population growth may have contributed to the demand for affordable housing options. The median income has also risen, from $77,119 in 2013 to $87,477 in 2022, a 13.4% increase. Despite this income growth, the continued presence of LIHTC projects suggests an ongoing need for affordable housing options.
Racial demographics in zip code 17601 have remained relatively stable, with a slight decrease in the white population from 84% in 2013 to 76% in 2022. There has been a modest increase in diversity, with small growth in Asian, Black, and Hispanic populations. These demographic shifts may influence future affordable housing needs and development strategies.
Zip code 17601 in Lancaster has a small but significant LIHTC-funded affordable housing inventory, representing nearly 1% of the estimated housing stock. The area has experienced consistent population growth and income increases over the past decade, which may impact the demand for affordable housing. While the LIHTC program has provided substantial funding for affordable housing in this zip code, the changing demographics and continued population growth indicate an ongoing need for affordable housing options to serve the community's diverse needs.