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Affordable Housing in Belmont: LIHTC's Impact on a 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
Belmont, a neighborhood in Philadelphia, Pennsylvania, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood has 225 total units in LIHTC funded projects, with 189 of these designated as low-income units. Based on the 2022 population of 3,415 and using the national average household size, there are approximately 1,308 housing units in the neighborhood. The LIHTC funded affordable housing covers about 17.2% of the estimated housing inventory, which aligns with the target percentage for a balanced community.
The LIHTC program has invested significantly in Belmont, with project tax credits totaling $3,472,090. This translates to an average federal funding of approximately $15,431 per unit in LIHTC funded projects. Affordable housing has been a long-standing feature in Belmont, with the first LIHTC project, Westminster Affordable Hs, completed in 1993. The most recent project, Belmont Affordable Housing VI, was completed in 2007, indicating a 14-year span of LIHTC development in the neighborhood.
The early 2000s saw the most LIHTC activity in Belmont, with multiple projects completed during this decade. Notable projects include Belmont Gardens (2001), Belmont Affordable Housing III (2003), IV (2004), V (2005), and VI (2007). This concentration of development suggests a focused effort to increase affordable housing options during this period.
The LIHTC funded housing in Belmont offers a diverse range of unit sizes. The inventory includes 4 one-bedroom units, 42 two-bedroom units, 68 three-bedroom units, and 102 four-bedroom units. This distribution, with a higher number of larger units, suggests a focus on accommodating families within the affordable housing stock.
Over the past decade, Belmont's population has fluctuated, with a slight overall decrease from 3,923 in 2018 to 3,415 in 2022. Despite this population change, the neighborhood has seen a significant increase in median income, rising from $18,044 in 2018 to $36,320 in 2022. This upward trend in income could potentially impact the demand for affordable housing in the future.
Racial demographics in Belmont have remained relatively stable, with a predominantly Black population. However, there has been a slight decrease in the Black population percentage from 93% in 2018 to 82% in 2022, accompanied by small increases in other racial groups, particularly Native American and White populations.
Belmont's LIHTC funded affordable housing inventory plays a crucial role in meeting the community's housing needs. The neighborhood has benefited from consistent LIHTC development over more than a decade, resulting in a substantial number of affordable units that align well with recommended targets. The focus on larger units suggests an emphasis on family housing. The rising median income and slight demographic shifts could influence future affordable housing needs and strategies in Belmont.
