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Affordable Housing Analysis in Zip Code 16648: LIHTC Funded Project in Hollidaysburg, Pennsylvania
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 16648, located in Hollidaysburg, Pennsylvania, contains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This zip code area, spanning 56.76 square miles with a population of 15,522 in 2022, has 53 affordable units, all designated as low-income. These units represent approximately 0.89% of the estimated 5,947 total housing units in the zip code, indicating a small but notable contribution to the area's housing needs.
The LIHTC program has allocated $1,174,799 in tax credits for affordable housing projects in zip code 16648. This equates to an average federal funding of $22,166 per unit. The zip code's LIHTC funding accounts for 0.2% of the total LIHTC allocation in Pennsylvania. The affordable housing in this area is represented by a single project, Highland Hall, completed in 2017. This project marks the introduction of LIHTC funded affordable housing in the zip code.
Highland Hall consists of 53 units, comprising 33 one-bedroom and 2 two-bedroom apartments. This unit distribution suggests a focus on accommodating smaller households or individuals. The project's completion in 2017 indicates a relatively recent emphasis on developing affordable housing options in the area.
Demographic trends in zip code 16648 show some changes over the past decade. The population decreased slightly from 15,733 in 2014 to 15,522 in 2022. However, the median income increased significantly from $61,233 in 2014 to $71,926 in 2022. The racial composition of the zip code has remained predominantly white, with a slight increase in diversity in recent years, including small percentages of Asian, Black, Hispanic, and multiracial residents.
The introduction of LIHTC funded affordable housing in 2017 coincides with a period of rising median income in the area. This timing suggests that the affordable housing project may have been implemented to address growing housing affordability concerns as the cost of living increased.
Zip code 16648 in Hollidaysburg, Pennsylvania, has a modest LIHTC funded affordable housing inventory, consisting of one project with 53 units. This inventory represents a small portion of the estimated total housing stock but marks an important step in addressing affordable housing needs in the area. The project's completion in 2017 aligns with a period of rising median incomes, potentially reflecting efforts to maintain housing affordability in a changing economic landscape. The area's demographic stability, combined with the recent introduction of affordable housing, suggests a proactive approach to meeting the community's evolving housing needs.
