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Affordable Housing in Chevy Chase Heights: A Decade of LIHTC Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Chevy Chase Heights, Pennsylvania, demonstrates a distinct profile in Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city contains 51 units in LIHTC funded projects, with 5 designated as low-income units. Based on an estimated housing inventory of 556 units, LIHTC funded affordable housing comprises approximately 9.2% of the city's housing stock.
Chevy Chase Heights has received $481,070 in project tax credits through the LIHTC program. With one approximate project, this equates to an average federal funding of $481,070 per project. When divided by the total units, it results in an average of $9,432 per unit in federal funding. The city holds 0.08% of Pennsylvania's total LIHTC funding, indicating a relatively small share of the state's affordable housing resources.
The single LIHTC project in Chevy Chase Heights is Hickory Meadow, completed in 2007. This project marks the inception of LIHTC-funded affordable housing in the city, with a history spanning over a decade. The Hickory Meadow project consists of 51 total units, including 5 one-bedroom units, 18 two-bedroom units, 24 three-bedroom units, and 4 four-bedroom units. This diverse mix of unit sizes suggests an effort to accommodate various household compositions within the affordable housing stock.
Over the past decade, Chevy Chase Heights has experienced fluctuations in its population, with a peak of 1,948 residents in 2017 and a decline to 1,452 by 2022. The median income has shown a gradual increase, rising from $38,643 in 2017 to $43,286 in 2022, indicating some economic growth in the area.
Racial demographics have remained relatively stable, with the white population consistently representing the majority at around 81-85% over the past decade. The Black population has maintained a steady presence at approximately 11-12%. There has been a slight increase in the Hispanic population, from 1% in 2017 to 2% in 2022, and a growth in the two or more races category from 1% to 5% during the same period.
Despite these demographic shifts, there have been no new LIHTC projects in the last decade. This could be due to various factors, including the relatively small size of the community or potential changes in housing needs that may not align with the LIHTC program requirements.
Chevy Chase Heights's LIHTC-funded affordable housing inventory, while modest in scale, provides a valuable contribution to the city's housing diversity. The single project, Hickory Meadow, offers a range of unit sizes to accommodate different household needs. While the city has experienced some demographic changes over the past decade, including a slight population decline and gradual income growth, the LIHTC housing stock has remained stable since 2007. This analysis highlights the ongoing role of LIHTC in providing affordable housing options in smaller communities like Chevy Chase Heights.
