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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 15237 in Franklin Park, Pennsylvania, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area has 190 units in LIHTC-funded projects, with 122 designated as low-income units. Based on the 2022 population of 43,413 and an estimated 16,633 housing units, LIHTC-funded affordable housing represents approximately 1.14% of the zip code's estimated housing inventory.
LIHTC projects in zip code 15237 have received $2,271,879 in tax credits, averaging about $11,957 per unit. This funding represents 0.38% of the total LIHTC allocation for Pennsylvania, indicating a moderate concentration of affordable housing investment in this area.
Affordable housing has been present in this zip code since at least 2005, with the completion of the Rosshill Retirement Residence. The most recent project, North Hills Highlands II, was completed in 2011. The 2010s saw the most affordable housing projects completed, with North Hills Highlands in 2010 and North Hills Highlands II in 2011.
The LIHTC-funded housing in zip code 15237 primarily consists of one-bedroom units, with 154 in total. There are also 9 two-bedroom units. This distribution suggests a focus on housing for smaller households or individuals.
Over the past decade, zip code 15237 has seen a gradual increase in population, rising from 41,157 in 2013 to 43,413 in 2022. Median income has also increased, from $84,760 in 2013 to $99,638 in 2022. The racial composition has remained relatively stable, with a slight increase in diversity. The white population decreased from 94% in 2013 to 89% in 2022, while the Asian population increased from 3% to 6%.
The lack of new LIHTC projects since 2011 may be related to the rising median income in the area, potentially reducing the perceived need for additional affordable housing. However, the increasing population and slight diversification could suggest a potential future need for more affordable housing options.
Zip code 15237 has a modest LIHTC-funded affordable housing inventory, primarily consisting of one-bedroom units. While these projects represent a small percentage of the overall housing stock, they provide affordable options in an area with rising incomes and a growing population. The absence of new LIHTC projects in recent years, despite demographic changes, may warrant further investigation into current affordable housing needs in this zip code.