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Affordable Housing Analysis in Zip Code 17042: Oak View Terrace's Two-Decade Presence
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 17042, located in Cornwall, Pennsylvania, contains 22 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. This zip code spans 68.61 square miles and had a population of 40,951 in 2022. The estimated housing inventory of 15,690 units indicates that LIHTC funded affordable housing comprises approximately 0.14% of the zip code's housing stock.
The LIHTC program has invested $142,582 in tax credits for affordable housing projects in zip code 17042. This translates to an average federal funding of $6,481 per unit. Zip code 17042 accounts for 0.02% of the total LIHTC funding allocated to Pennsylvania. The affordable housing inventory in this zip code consists entirely of 22 one-bedroom units.
Oak View Terrace, completed in 1999, is the sole LIHTC funded project in zip code 17042. This project has provided affordable housing in the area for over two decades. The population in this zip code has grown from 36,883 in 2013 to 40,951 in 2022, representing an 11% increase. The median income has risen from $63,509 in 2013 to $65,792 in 2022, showing a 3.6% growth.
Racial demographics in zip code 17042 have shifted slightly, with the white population decreasing from 86% in 2013 to 77% in 2022. The Hispanic population has increased from 8% to 16% during the same period. The Black and Asian populations have remained relatively stable at around 3% and 2% respectively. Despite these demographic changes, there have been no new LIHTC projects in the last decade.
Zip code 17042 has a single LIHTC funded affordable housing project, Oak View Terrace, which has been providing 22 one-bedroom units since 1999. This represents a small portion of the estimated housing inventory but has been a consistent presence for over two decades. The area has experienced population growth and slight increases in median income, along with a shift towards greater racial diversity. However, these changes have not correlated with new LIHTC developments in recent years, indicating that other factors may be influencing affordable housing needs and provision in this zip code.
