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Affordable Housing in Carroll Park: 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
Carroll Park, a neighborhood in Philadelphia, Pennsylvania, has a presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory consists of 70 total units, with 52 designated as low-income units. Based on the 2022 population of 12,448 and using the national average household size of 2.61, there are approximately 4,769 housing units in the neighborhood. The LIHTC funded affordable housing covers about 1.47% of the estimated housing inventory in Carroll Park.
The LIHTC projects in Carroll Park have received $841,315 in project tax credits. This translates to an average federal funding of approximately $12,019 per unit. The neighborhood has seen a commitment to affordable housing from 1987 to 2006. The first LIHTC project, "1400 N 54Th St Apts," was completed in 1987, while the most recent, "Neighborhood Restoration Xvii," was finished in 2006.
The 1990s saw significant affordable housing development activity in Carroll Park, with multiple projects completed during this decade. Notable projects from this period include "1437 N 55Th St," "6215 Haverford Ave," and "Marsco," all completed in 1990.
The LIHTC funded housing in Carroll Park offers a range of unit sizes. The inventory includes 3 one-bedroom units, 6 two-bedroom units, 34 three-bedroom units, and 13 four-bedroom units. This distribution suggests a focus on accommodating families of various sizes, with an emphasis on larger households.
Over the past decade, Carroll Park has experienced demographic shifts. The population has remained relatively stable, with a slight increase from 12,305 in 2020 to 12,448 in 2022. Median income has shown a modest upward trend, rising from $37,990 in 2020 to $38,298 in 2022.
The racial composition of Carroll Park has remained predominantly Black, consistently accounting for about 95-96% of the population throughout the past decade. There has been a slight increase in racial diversity, with the percentage of residents identifying as two or more races growing from 1% in 2019 to 2% in 2022.
No new LIHTC projects have been reported in Carroll Park since 2006. This could be due to various factors, including changes in funding priorities, market conditions, or the neighborhood reaching a saturation point for affordable housing development.
Carroll Park's LIHTC funded affordable housing inventory represents a small but significant portion of the neighborhood's estimated housing stock. The neighborhood has benefited from affordable housing development from the late 1980s through the mid-2000s, with a focus on larger family units. While the LIHTC program has played a role in providing affordable housing options, other housing programs and initiatives may also contribute to meeting the neighborhood's affordable housing needs. The demographic trends over the past decade show a relatively stable population with modest income growth, suggesting a continued need for affordable housing options in the area.
