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Affordable Housing Analysis in Lancaster's Zip Code 17603: Three Decades of LIHTC Projects
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lancaster's zip code 17603 in Pennsylvania contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This inventory comprises 441 total units, with 344 designated as low-income units. The zip code 17603 covers an area of 28.43 square miles and has a population of 67,554 as of 2022. Using the national average household size of 2.61, the estimated housing inventory in this zip code is approximately 25,883 units. LIHTC funded affordable housing represents about 1.7% of the estimated housing inventory in zip code 17603.
The LIHTC projects in zip code 17603 have received $3,777,555 in project tax credits, equating to an average federal funding of approximately $8,566 per unit. This zip code holds 0.63% of the total state LIHTC funding, indicating a substantial investment in affordable housing for the area.
Affordable housing has been present in zip code 17603 for nearly three decades. The initial LIHTC project was completed in 1987 at 134-142 S Queen St and 209-211 W King, while the most recent project, Brunswick Farms Apartments, was completed in 2016. The 1980s saw the highest number of affordable housing projects completed, with five projects constructed during this decade.
The LIHTC funded housing in zip code 17603 offers a variety of unit types. There are 148 one-bedroom units, 168 two-bedroom units, 89 three-bedroom units, and 36 four-bedroom units, accommodating various household sizes and needs.
Over the past decade, the population in zip code 17603 has demonstrated an overall upward trend, increasing from 62,557 in 2013 to 67,554 in 2022. The median income has also risen significantly, from $53,856 in 2013 to $65,590 in 2022, representing a 21.8% increase.
Racial demographics have remained relatively stable, with some notable changes. The white population has decreased slightly from 65% in 2013 to 57% in 2022, while the Hispanic population has increased from 22% to 27% during the same period. The Asian population has also experienced an increase from 1% to 4%.
These demographic changes, particularly the increase in median income and shifts in racial composition, may have influenced the need for and development of affordable housing in zip code 17603.
Zip code 17603 in Lancaster, Pennsylvania, has a significant LIHTC funded affordable housing inventory, representing about 1.7% of the estimated housing stock. With over $3.7 million in project tax credits and a diverse range of unit types, these projects have been contributing to the area's affordable housing needs for nearly three decades. The zip code has experienced population growth, increased median income, and shifts in racial demographics over the past decade, which may have influenced the affordable housing landscape in the area.
