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Affordable Housing Analysis in Zip Code 15222: Wood Street Commons' Three-Decade Impact
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 15222 in Pittsburgh, Pennsylvania, contains one LIHTC-funded affordable housing project. This project, Wood Street Commons, comprises 27 low-income units, which constitute the entirety of LIHTC-funded affordable housing in the area. These units represent approximately 1.3% of the estimated 2,069 housing units in the zip code.
The LIHTC program has allocated $167,541 in tax credits to zip code 15222, accounting for about 3% of the state's total LIHTC funding. This allocation translates to an average of $6,205 in federal funding per affordable unit. Wood Street Commons, completed in 1987, has provided affordable housing in the zip code for over three decades.
Wood Street Commons consists exclusively of 27 one-bedroom units, indicating a focus on housing for single individuals or small households. The project does not specify a target population, suggesting it may serve a general low-income demographic.
Zip code 15222 has experienced significant population growth over the past decade, increasing from 3,754 residents in 2013 to 5,401 in 2022. Despite this growth, no new LIHTC projects have been developed during this period. The median income in the area has remained relatively stable, fluctuating between $96,192 and $116,050 since 2013.
Racial demographics in the zip code have shown slight shifts. The white population has decreased from 75% in 2013 to 71% in 2022. The Asian population has increased from 10% to 11%, while the Black population has remained steady at 10%. These modest changes may influence future affordable housing needs in the area.
Zip code 15222 in Pittsburgh has maintained a single LIHTC-funded affordable housing project for over 30 years. While this project represents a small portion of the estimated housing stock, it provides 27 low-income units, all one-bedroom apartments. The area has experienced significant population growth and maintained high median incomes over the past decade, which may impact future affordable housing needs. Despite demographic shifts, no new LIHTC projects have been developed recently, suggesting that other factors or housing programs may be addressing low-income housing demands in this zip code.
