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Affordable Housing Analysis in ZIP Code 19124: Three Decades of LIHTC Development
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 19124 in Philadelphia, Pennsylvania, contains a significant LIHTC-funded affordable housing inventory. This area has 246 total affordable units, all of which are designated as low-income units. Based on the 2022 population of 72,911 and an estimated 27,935 housing units, LIHTC-funded affordable housing comprises approximately 0.88% of the estimated housing inventory in this ZIP code.
The LIHTC projects in ZIP code 19124 have received $169,333 in tax credits, averaging about $688 per unit in federal funding. This represents 3% of Pennsylvania's total LIHTC funding, indicating a substantial investment in affordable housing for this area.
Affordable housing has been present in this ZIP code for over three decades. The first LIHTC projects, "4835 Darrah St" and "1872 Haworth St," were completed in 1989. The most recent project, "Carl Mackley Apts," was finished in 1999. The 1990s saw the most affordable housing development, with six out of eight projects completed during this decade.
The LIHTC-funded housing in ZIP code 19124 offers a diverse range of unit sizes. There are 59 one-bedroom units, 117 two-bedroom units, 32 three-bedroom units, and 34 four-bedroom units. This distribution suggests an effort to accommodate various household sizes and needs within the community.
Over the past decade, ZIP code 19124 has experienced population growth, increasing from 65,969 in 2015 to 72,911 in 2022. Median income has also risen, from $31,743 in 2015 to $41,143 in 2022, indicating some economic improvement in the area.
The racial composition of ZIP code 19124 has shifted noticeably. The Hispanic population has grown from 38% in 2015 to 47% in 2022, while the Black population decreased from 36% to 32%. The White population remained relatively stable at around 15-16%. These demographic changes may influence future affordable housing needs and planning.
No new LIHTC projects have been recorded in ZIP code 19124 in the last decade. This could be due to various factors, including changes in funding priorities, local development policies, or potentially reduced need for additional affordable housing units in this specific area.
ZIP code 19124 in Philadelphia has an established base of LIHTC-funded affordable housing, with 246 units developed primarily in the 1990s. While these units represent a small percentage of the estimated housing inventory, they provide important housing options for low-income residents. The area has seen population growth and increased median income over the past decade, along with significant shifts in racial demographics. These changes may influence future affordable housing needs and development in this ZIP code.
