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Affordable Housing Analysis in Zip Code 15005: Economy's 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
The zip code 15005, located in Economy, Pennsylvania, has a population of 9,811 as of 2022 and covers 14.76 square miles. This zip code contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, which provides 23 low-income units. Based on the estimated housing inventory of 3,759 units, the LIHTC funded affordable housing represents approximately 0.61% of the zip code's housing stock.
The LIHTC project in zip code 15005 received $385,378 in tax credits, averaging $16,755 per unit in federal funding. This project accounts for 0.06% of Pennsylvania's total LIHTC funding allocation. The Sisters of St Joseph project, completed in 2010, is the only LIHTC development in the area, marking over a decade of affordable housing presence in the zip code.
The project consists entirely of 23 one-bedroom units, suggesting a focus on smaller household sizes or potentially senior housing. The specific target population for this development is not provided.
Over the past decade, the zip code's population has increased slightly from 9,615 in 2013 to 9,811 in 2022. Median income has also risen significantly, from $76,317 in 2013 to $87,705 in 2022. The racial composition has remained predominantly white, consistently above 90% throughout this period, with slight increases in Hispanic and multi-racial populations.
Despite the rising median income, the presence of the LIHTC project indicates a continued need for affordable housing options in the area. The stable population and increasing income levels may suggest a growing disparity between housing costs and affordability for some residents.
The zip code 15005 has a single LIHTC funded affordable housing project providing 23 one-bedroom units, which represents a small fraction of the estimated housing inventory. While the area has experienced income growth and relative population stability over the past decade, the presence of this project highlights an ongoing need for affordable housing options. The racial composition remains predominantly white, with slight diversification trends. This analysis provides insight into the affordable housing landscape of the zip code, though other housing assistance programs may also be contributing to the area's affordable housing inventory.
