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Affordable Housing in Cherry Hill: A Longitudinal Analysis of LIHTC Projects
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Cherry Hill, a neighborhood in Baltimore, Maryland, has a significant history of affordable housing development through the Low-Income Housing Tax Credit (LIHTC) program. The neighborhood currently contains 643 total units in LIHTC-funded projects, with 589 designated as low-income units. Based on the 2022 population of 8,929 and an estimated 3,421 housing units, LIHTC-funded affordable housing comprises approximately 18.8% of the neighborhood's estimated housing inventory.
LIHTC projects in Cherry Hill have received $742,990 in tax credits, averaging about $1,156 per unit in federal funding. Affordable housing has been a consistent feature of the neighborhood since 1991, when the first LIHTC project, Cherill Apts, was completed. The most recent project, Riverfront Townhomes, was completed in 2018, representing nearly three decades of continuous affordable housing development in Cherry Hill.
The 2000s witnessed the most significant affordable housing development, with projects such as Cherry Hill Senior Housing (2002) and Cherrydale Apts (2009) being completed. The neighborhood's LIHTC inventory includes various housing types, with at least 98 three-bedroom units and 28 four-bedroom units, indicating a focus on accommodating families.
Cherry Hill's population has remained relatively stable over the past decade, fluctuating between 8,500 and 9,000 residents. The median income has exhibited some volatility, reaching a peak of $33,194 in 2019 before declining to $26,331 in 2022. This recent decrease in median income may indicate a continuing need for affordable housing options in the neighborhood.
Racial demographic data shows that Cherry Hill has consistently been a predominantly Black neighborhood. The percentage of Black residents increased from 71% in 2017 to 81% in 2022. During the same period, the white population decreased from 19% to 9%, while other racial groups remained relatively stable.
Cherry Hill's LIHTC-funded affordable housing inventory plays a significant role in the neighborhood's housing landscape, comprising nearly 19% of the estimated housing stock. The neighborhood has experienced consistent development of affordable housing over three decades, with an emphasis on family-sized units. Recent demographic trends, particularly the declining median income, suggest an ongoing need for affordable housing options in Cherry Hill. The stable population and changing racial composition underscore the importance of maintaining and potentially expanding affordable housing to support the neighborhood's residents.
