Loading Content...
Affordable Housing Analysis in Zip Code 20737: LIHTC Investments and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 20737, situated in Riverdale Park, Maryland, exhibits a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area contains 434 total units in LIHTC-funded projects, with 252 of these designated as low-income units. Based on the estimated 9,080 housing units in the zip code, LIHTC-funded affordable housing comprises approximately 4.8% of the total housing inventory.
The LIHTC program has invested $1,113,024 in tax credits for affordable housing projects in this zip code. This equates to an average federal funding of about $2,565 per unit across all LIHTC-funded projects. Notably, this zip code accounts for 0.77% of Maryland's total LIHTC funding allocation.
Affordable housing has been a component of this community for over two decades. The initial LIHTC project, Auburn Manor Apartments, was completed in 1998, while the most recent addition, Park Tanglewood, was finished in 2017. The 2010s witnessed the most significant development in affordable housing for this area.
The housing mix in LIHTC-funded projects is diverse, accommodating various household sizes. It includes 8 efficiencies, 221 one-bedroom units, 60 two-bedroom units, and 1 three-bedroom unit. This distribution indicates a focus on accommodating smaller households and families.
Over the past decade, the zip code has experienced population growth, increasing from 20,765 in 2013 to 23,700 in 2022. Concurrently, the median income has risen from $64,337 in 2013 to $84,824 in 2022, indicating overall economic improvement in the area.
The racial composition has shifted notably. The Hispanic population has grown from 44% in 2013 to 58% in 2022, while the Black population decreased from 39% to 25% during the same period. The Asian and multiracial populations have remained relatively stable.
These demographic changes, particularly the growing population and rising median income, may have influenced the decision to develop Park Tanglewood in 2017, addressing the evolving housing needs of the community.
The 20737 zip code demonstrates a modest but significant LIHTC-funded affordable housing presence, accounting for nearly 5% of the estimated housing inventory. The area has seen continuous investment in affordable housing over two decades, with the most recent project completed in 2017. The demographic trends, including population growth and increasing median income, align with the ongoing development of affordable housing options. The diverse unit mix in LIHTC projects suggests an effort to accommodate various household sizes within the low-income population.
