Loading Content...
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Sherman Hills, a neighborhood in Wilkes-Barre, Pennsylvania, features a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 215 affordable housing units, all categorized as low-income units. This inventory plays a crucial role in addressing the community's housing needs.
Based on the estimated housing inventory of 254 units for the neighborhood's 2022 population, LIHTC funded affordable housing accounts for approximately 84.6% of the neighborhood's housing stock. This high percentage indicates that LIHTC funded affordable housing constitutes a substantial portion of the neighborhood's residential units.
The LIHTC program has invested $229,147 in project tax credits for affordable housing in Sherman Hills. This equates to an average federal funding of $1,066 per unit when divided by the total number of LIHTC funded units (215). The neighborhood's LIHTC funded affordable housing originated in 1989 with the completion of the Interfaith Heights project, which has been providing affordable housing options in Sherman Hills for over three decades.
The Interfaith Heights project accounts for all 215 LIHTC funded units in the neighborhood. These units are distributed as follows: 35 one-bedroom units, 115 two-bedroom units, 59 three-bedroom units, and 6 four-bedroom units. This diverse mix of unit sizes suggests that the project accommodates various household compositions, from individuals to larger families.
Over the past decade, Sherman Hills has experienced demographic shifts. The population has decreased from 960 in 2015 to 663 in 2022, indicating a decline in residents. Concurrently, the median income has shown an upward trend, rising from $26,302 in 2015 to $41,975 in 2022. Racial distribution in the neighborhood has also changed. The percentage of white residents has increased from 40% in 2015 to 64% in 2022, while the proportion of Black residents has decreased from 26% to 17% during the same period. The Hispanic population has remained relatively stable, shifting from 22% to 14%.
These demographic changes, particularly the rising median income and shifting racial composition, may reflect evolving housing needs in the neighborhood. However, the continued presence of the LIHTC funded housing suggests an ongoing demand for affordable options in Sherman Hills. Sherman Hills presents a case where LIHTC funded affordable housing constitutes a significant portion of the neighborhood's estimated housing inventory. The single project, Interfaith Heights, has been providing a diverse range of affordable units since 1989. While the neighborhood has experienced population decline and demographic shifts over the past decade, including rising median income, the substantial presence of affordable housing continues to play a crucial role in the community's housing landscape.