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Affordable Housing Challenges in Rittenhouse: A Decade of Stagnation Amid Neighborhood Growth
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Rittenhouse, a neighborhood in Philadelphia, Pennsylvania, is characterized by its historic charm and upscale nature. The area contains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 204 total units, with 19 units designated as low-income. This LIHTC funded affordable housing represents approximately 2.17% of the neighborhood's estimated 9,392 housing units.
The LIHTC projects in Rittenhouse have received $1,090,392 in project tax credits, averaging $5,345 per unit in federal funding across all LIHTC funded projects in the neighborhood. The first LIHTC project, Mid-City Ywca Apts, was completed in 1999, while the most recent project, Kates Place, was finished in 2004. This indicates that affordable housing has been present in Rittenhouse for over two decades.
The 2000s saw the most LIHTC affordable housing activity in Rittenhouse, with both projects completed during this decade. The neighborhood's LIHTC inventory includes 48 efficiencies and 12 one-bedroom units, primarily serving smaller households and individuals.
Rittenhouse has experienced steady population growth over the past decade, increasing from 22,479 in 2017 to 24,512 in 2022. The median income has also risen significantly, from $81,931 in 2017 to $91,651 in 2022, suggesting a trend towards higher-income residents.
Racially, the neighborhood has remained predominantly white, with a slight decrease from 73% in 2017 to 72% in 2022. There has been a small increase in the Asian population (from 12% to 13%) and those identifying as two or more races (from 1% to 5%). The Black population has decreased from 6% to 3% during this period.
The absence of new LIHTC projects in the last decade may be attributed to the rising median income and the relatively stable racial composition, potentially indicating less perceived need for additional low-income housing in this area.
Rittenhouse's LIHTC funded affordable housing inventory represents a small portion of the neighborhood's estimated housing stock. The area has seen two LIHTC projects completed in the early 2000s, providing a mix of efficiency and one-bedroom units. The neighborhood's demographic trends over the past decade show increasing population and median income, which may have influenced the lack of new LIHTC developments in recent years. These data provide insights into the affordable housing landscape in Rittenhouse, highlighting the relationship between housing policy and neighborhood demographics.
