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Affordable Housing Analysis in Zip Code 15239: Serenity Ridge 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
Zip code 15239, located in Plum, Pennsylvania, contains 62 total affordable units funded by the Low-Income Housing Tax Credit (LIHTC) program, all of which are designated as low-income units. Based on the 2022 population of 19,541 and an estimated 7,487 housing units in the zip code, the LIHTC funded affordable housing represents approximately 0.83% of the estimated housing inventory.
The LIHTC project in zip code 15239 received $903,346 in tax credits, averaging $14,570 per unit in federal funding. This amount represents 0.15% of the total LIHTC funding allocated to Pennsylvania. The sole LIHTC project in this zip code, Serenity Ridge, was completed in 2016, marking the introduction of LIHTC funded affordable housing in the area. Serenity Ridge consists of 62 units, including 38 one-bedroom and 24 two-bedroom apartments, catering to various household sizes within the low-income community.
Over the past decade, zip code 15239 has experienced a slight decline in population, from 20,324 in 2010 to 19,541 in 2022. Despite this decrease, the median income has shown a significant increase, rising from $67,702 in 2013 to $82,522 in 2022. This upward trend in income suggests a changing economic landscape in the area.
The racial composition of zip code 15239 has remained relatively stable, with a slight decrease in the white population from 92% in 2013 to 90% in 2022. There has been a small increase in diversity, with the black population growing from 3% to 5% during the same period.
The introduction of the LIHTC project in 2016 aligns with a period of relative stability in the area's demographics. While the overall population was declining slightly, the increasing median income might have created a need for affordable housing options for lower-income residents who could have been at risk of being priced out of the area.
Zip code 15239 has a single LIHTC funded affordable housing project, Serenity Ridge, which was completed in 2016. This development provides 62 low-income units, representing a small but significant portion of the area's housing inventory. The project received substantial federal funding, averaging $14,570 per unit. While the zip code has experienced a slight population decline over the past decade, rising median incomes and subtle shifts in racial composition suggest a changing socioeconomic landscape. The LIHTC project appears to play a role in maintaining housing affordability in an area experiencing economic growth.
