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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 15853, located in Ridgway, Pennsylvania, has a population of 6,657 as of 2022 and covers an area of 142.84 square miles. This zip code has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, providing a total of 40 units, with 4 designated as low-income units. Based on the estimated housing inventory of 2,551 units, the LIHTC-funded affordable housing covers approximately 1.57% of the zip code's housing stock.
The LIHTC program has invested $72,607 in tax credits for affordable housing in this zip code. This translates to an average federal funding of $1,815 per unit. This investment represents 0.01% of Pennsylvania's total LIHTC funding, indicating a relatively small portion of the state's affordable housing resources are allocated to this area.
The sole LIHTC-funded project in this zip code is Ridgway Commons, completed in 1994. This project has been providing affordable housing options in the area for nearly three decades. The 40-unit development consists of 18 one-bedroom units, 18 two-bedroom units, and 4 three-bedroom units, offering a mix of housing options for different household sizes.
Over the past decade, the population in zip code 15853 has remained relatively stable, with minor fluctuations. The population was 6,537 in 2014 and increased slightly to 6,657 in 2022. Median income has shown an upward trend, rising from $47,037 in 2014 to $54,650 in 2022, representing a 16.2% increase over this period.
The racial composition of the zip code has remained predominantly white, consistently above 95% throughout the past decade. There has been a slight increase in diversity, with small percentages of Black, Hispanic, and multiracial residents emerging in recent years.
Given that no new LIHTC projects have been built in the last decade, the relatively stable population and increasing median income may suggest that the demand for additional low-income housing has not significantly changed. However, the gradual increase in diversity could potentially indicate a need for more varied housing options in the future.
Zip code 15853 has a single LIHTC-funded affordable housing project, Ridgway Commons, which has been serving the community since 1994. While this project contributes to the area's affordable housing stock, it represents a small percentage of the overall housing inventory. The zip code has experienced stable population growth and increasing median incomes over the past decade, which may explain the lack of new LIHTC developments. However, as the area's demographics continue to evolve, ongoing assessment of affordable housing needs will be crucial to ensure adequate housing options for all residents.