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Affordable Housing in Bella Vista: LIHTC's Impact on 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
Bella Vista, a neighborhood in Philadelphia, Pennsylvania, hosts 139 affordable housing units funded by the Low-Income Housing Tax Credit (LIHTC) program. These units, all designated as low-income, represent approximately 6.1% of the estimated 2,287 housing units in the neighborhood, based on the 2022 population of 5,970 and the national average household size.
The LIHTC program has invested $641,828 in project tax credits in Bella Vista, averaging about $4,618 per unit. The neighborhood's LIHTC-funded affordable housing consists of one project, Legacy Pres Initiative I, completed in 2013. This project marks the introduction of LIHTC-funded affordable housing in Bella Vista, according to available data.
Legacy Pres Initiative I offers a diverse mix of unit types, including 9 efficiencies, 102 one-bedroom units, and 28 two-bedroom units. This distribution suggests a focus on accommodating smaller households, potentially single residents or couples without children.
Bella Vista has experienced demographic shifts over the past decade. The population has increased slightly from 5,571 in 2013 to 5,970 in 2022. Median income has risen from $85,129 in 2013 to $86,970 in 2022, with some fluctuations in between.
Racial distribution in Bella Vista has changed since the LIHTC project's completion in 2013. The white population has increased from 68% to 78% in 2022, while the Hispanic population has decreased from 14% to 6%. The Asian and Black populations have remained relatively stable, each accounting for about 6-7% of the neighborhood's residents in 2022.
The presence of the LIHTC project since 2013 may have contributed to maintaining some economic diversity in the neighborhood, despite the overall increase in median income. This could be particularly significant given the rising housing costs often associated with urban gentrification.
Bella Vista's LIHTC-funded affordable housing, while representing a small portion of the estimated housing inventory, provides 139 low-income units to the neighborhood. The single project, completed in 2013, offers a mix of unit sizes to accommodate various household types. Over the past decade, the neighborhood has experienced a slight increase in population, rising median incomes, and shifts in racial composition. The presence of LIHTC-funded housing may play a role in maintaining some level of economic diversity in this evolving urban neighborhood.
