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Affordable Housing in Fountain Springs: LIHTC's Impact on a Small Pennsylvania Community
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Fountain Springs, a community in Pennsylvania, has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project, named Centre Street Court, contains 35 units, all of which are designated as low-income. Based on the 2022 population of 1,303 and an estimated 499 housing units, the LIHTC-funded affordable housing represents approximately 7% of the city's estimated housing inventory.
The LIHTC program has provided $88,752 in project tax credits to Fountain Springs. This amount equates to an average federal funding of $88,752 per project and $2,536 per unit. Fountain Springs's LIHTC funding constitutes 0.01% of Pennsylvania's total LIHTC allocation.
Centre Street Court, the sole LIHTC project in Fountain Springs, was completed in 1995. For nearly three decades, this project has been providing affordable housing in the community. All 35 units in this project are one-bedroom apartments, suggesting a focus on accommodating individuals or small households.
Fountain Springs has experienced demographic changes over the past decade. The population has increased from 1,082 in 2017 to 1,303 in 2022. Median income has risen substantially, from $43,571 in 2017 to $74,846 in 2022, indicating an improvement in the economic conditions of residents.
Racial demographics have remained relatively stable. The white population has slightly decreased from 99% in 2017 to 91% in 2022. There has been a minor increase in racial diversity, with the percentage of residents identifying as two or more races growing from 0% in 2017 to 8% in 2022.
Despite these demographic shifts, no new LIHTC projects have been developed in Fountain Springs in the last decade. The rising median income may have reduced the perceived need for additional affordable housing units.
Fountain Springs's affordable housing is characterized by a single LIHTC project completed in 1995, providing 35 one-bedroom units. This project accounts for approximately 7% of the city's estimated housing inventory. The community has experienced population growth and significant increases in median income over the past decade, but there have been no new LIHTC developments. The racial composition has remained predominantly white, with a slight increase in diversity in recent years. These demographic trends may influence future affordable housing needs and development in Fountain Springs.
