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Affordable Housing in Fern Rock: A Three-Decade Perspective on LIHTC-Funded Units
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Fern Rock, a neighborhood in Philadelphia, Pennsylvania, has a modest Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The neighborhood contains 4 total affordable housing units, all of which are designated as low-income units. Based on the estimated 1,837 housing units in the neighborhood, derived from the 2022 population of 4,794 and the national average household size of 2.61, the LIHTC-funded affordable housing comprises approximately 0.22% of the neighborhood's housing inventory.
The LIHTC program has provided $2,308 in tax credits for affordable housing projects in Fern Rock. This amounts to an average of $577 in federal funding per unit. The neighborhood has had LIHTC-funded affordable housing projects since the late 1980s. The first project, "5620 N 11Th St," was completed in 1988, while the most recent project, "5822 N 12Th St," was finished in 1989. This indicates that affordable housing has been present in Fern Rock for over three decades.
The 1980s was the decade with the most affordable housing projects completed in Fern Rock, with both known projects being built during this period. All four LIHTC-funded units in the neighborhood are one-bedroom apartments, suggesting a focus on housing for smaller households or individuals.
Over the last decade, Fern Rock has experienced demographic shifts. The population has increased from 4,136 in 2015 to 4,794 in 2022, indicating a growing demand for housing. Median income has fluctuated, ranging from a low of $30,019 in 2017 to a high of $43,670 in 2022. This recent increase in median income might suggest a reduced need for additional affordable housing units.
Regarding racial distribution, the neighborhood has remained predominantly Black, although the percentage has decreased slightly from 93% in 2015 to 81% in 2022. There has been a notable increase in the Hispanic population, rising from 1% in 2015 to 11% in 2022. The percentage of residents identifying as two or more races has also increased from 2% to 5% during this period.
Fern Rock's LIHTC-funded affordable housing inventory is relatively small, covering only 0.22% of the estimated housing units. The neighborhood's two LIHTC projects were both completed in the late 1980s, providing one-bedroom units. While the population has grown and become more diverse over the past decade, there have not been any recent LIHTC-funded projects. The recent increase in median income might partially explain the lack of new affordable housing development, but a more comprehensive analysis of housing needs and other affordable housing programs would be necessary to fully understand the current situation.
