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Affordable Housing Analysis in Zip Code 18040: Chestnut Hill's 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 18040, encompassing Chestnut Hill in Pennsylvania, contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project, Knox Avenue Senior Apts, provides 48 low-income units. Based on the 2022 population of 18,271 and the national average household size of 2.61, the estimated housing inventory for this zip code is approximately 7,000 units. The LIHTC-funded affordable housing units represent about 0.69% of the estimated housing stock in the area.
The LIHTC program has invested $309,551 in project tax credits for affordable housing in zip code 18040. This equates to an average federal funding of $6,449 per unit. The zip code accounts for 0.05% of Pennsylvania's total LIHTC funding, indicating a relatively small but notable contribution to the state's affordable housing efforts.
Knox Avenue Senior Apts, the sole LIHTC project in zip code 18040, was completed in 2001. This project has been providing affordable housing options for over two decades, demonstrating a long-term commitment to addressing housing needs in the area. The project consists entirely of 48 one-bedroom units, suggesting a focus on accommodating smaller households or individuals.
Demographic trends over the past decade in zip code 18040 reveal interesting patterns. The population has steadily increased from 16,938 in 2013 to 18,271 in 2022, indicating a growing demand for housing in the area. Median income has fluctuated but generally remained high, rising from $102,793 in 2013 to $103,987 in 2022. This suggests that while the area is relatively affluent, there is still a need for affordable housing options for lower-income residents.
Racial demographics in zip code 18040 have shown shifts over the past decade. The white population has decreased slightly from 80% in 2013 to 74% in 2022, while other racial groups have seen modest increases. The Asian population grew from 2% to 6%, the Black population from 5% to 8%, and the Hispanic population from 9% to 10%. This increasing diversity may indicate a need for culturally sensitive affordable housing options.
In summary, while the LIHTC program has made a contribution to affordable housing in zip code 18040, the current inventory represents a small fraction of the estimated housing stock. The area has experienced population growth and increasing diversity over the past decade, which may indicate an ongoing need for affordable housing options. The long-standing presence of the Knox Avenue Senior Apts project demonstrates a commitment to providing affordable housing for seniors in the community.
