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Affordable Housing Analysis in Zip Code 19123: LIHTC-Funded Projects in a Changing Philadelphia Neighborhood
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 19123 in Philadelphia, Pennsylvania, contains a diverse affordable housing inventory funded by the Low-Income Housing Tax Credit (LIHTC) program. This area, encompassing parts of Northern Liberties and Callowhill neighborhoods, has 284 total units in LIHTC-funded projects, with 167 designated as low-income units. Based on the 2022 population of 17,963 and an estimated 6,882 housing units, the LIHTC-funded affordable housing comprises approximately 4.1% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 19123 have received $3,788,660 in tax credits, averaging about $13,340 per unit. This funding represents 0.63% of Pennsylvania's total LIHTC allocation, indicating a significant investment in affordable housing for this area.
Affordable housing has been present in zip code 19123 for nearly three decades. The earliest project, Green Street Project, was completed in 1993, and the most recent, Help Philadelphia V, in 2017. The 2000s experienced the most affordable housing development, with projects such as Cambridge (2003), Cambridge Plaza Phase II (2005), and Guild House East (2008) being completed.
The LIHTC-funded projects in zip code 19123 offer a variety of unit types, including 57 efficiencies, 115 one-bedroom units, 42 two-bedroom units, 28 three-bedroom units, and 6 four-bedroom units. This diverse mix accommodates different household sizes and needs within the community.
Zip code 19123 has experienced significant demographic changes over the past decade. The population has grown from 13,233 in 2013 to 17,963 in 2022, a 35.7% increase. During this period, the median income rose from $61,147 in 2013 to $88,762 in 2022, a 45.2% increase.
The racial composition of zip code 19123 has also shifted. The white population increased from 41% in 2013 to 56% in 2022, while the Black population decreased from 37% to 23%. The Asian population remained stable at around 9%, and the Hispanic population slightly decreased from 10% to 9%.
Despite the area's rising incomes and changing demographics, the completion of Help Philadelphia V in 2017 indicates a continued need for affordable housing in this rapidly developing area.
Zip code 19123 in Philadelphia has a substantial LIHTC-funded affordable housing inventory, covering about 4.1% of the estimated housing units. The area has seen consistent development of affordable housing over nearly three decades, with a diverse mix of unit types. The continued development of LIHTC projects suggests an ongoing commitment to maintaining affordable housing options in this evolving urban area.
