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Affordable Housing Analysis in Zip Code 19106: A Single LIHTC Project's Impact
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 19106 in Philadelphia, Pennsylvania, contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project as of 2022. This project provides 94 affordable units, all of which are designated as low-income units. The estimated housing inventory in this zip code is 4,891 units, with LIHTC-funded affordable housing comprising approximately 1.92% of the total housing stock.
The LIHTC project in zip code 19106 received $1,791,902 in tax credits, averaging $19,063 per unit in federal funding. This allocation represents 0.3% of the total LIHTC funding for Pennsylvania. The project, located at 810 Arch Street, was completed in 2015 and consists of 94 efficiency units, indicating a focus on compact living spaces for individuals or small households.
Zip code 19106 has experienced significant demographic changes over the past decade. The population increased from 10,335 in 2013 to 12,766 in 2022, a growth of 23.5%. This population increase may have influenced the development of affordable housing in the area. The median income in the zip code has generally increased, rising from $96,632 in 2013 to $107,596 in 2022. Despite this income growth, the presence of LIHTC-funded housing suggests a continued need for affordable options in this relatively high-income area.
The racial distribution in zip code 19106 has remained relatively stable. The white population consistently represents the majority, comprising around 75-80% of residents. The Hispanic population has seen a slight increase from 4% in 2013 to 5% in 2022, while the Asian and Black populations have experienced minor fluctuations.
In summary, zip code 19106 in Philadelphia features one LIHTC-funded affordable housing project with 94 efficiency units. This project, completed in 2015, represents a small but significant contribution to the area's affordable housing stock, accounting for nearly 2% of the estimated housing inventory. The zip code has experienced substantial population growth and increasing median income over the past decade, which may have influenced the decision to develop affordable housing. The limited number of affordable units compared to the growing population suggests there may be ongoing demand for affordable housing options in this community.
