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Affordable Housing in Francisville: LIHTC Investments Amidst Gentrification
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Francisville, a neighborhood in Philadelphia, Pennsylvania, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 215 total units in LIHTC-funded projects, with 197 of these designated as low-income units. Based on the 2022 population of 5,553 and using the national average household size, there are approximately 2,128 housing units in Francisville. The LIHTC-funded affordable housing comprises about 10.1% of the estimated housing inventory in the neighborhood.
The LIHTC program has invested $2,739,195 in tax credits for affordable housing projects in Francisville. This equates to an average federal funding of approximately $12,740 per unit. The neighborhood has a long history of affordable housing development, with the earliest LIHTC project, 1818 Poplar St, completed in 1988, and the most recent, Fairmount Gardens, in 2013. This 25-year span demonstrates a sustained commitment to affordable housing in the area.
The 1990s saw the most affordable housing activity, with multiple projects completed during this decade, including Francisville Projects, 1724 W Girard Ave, and several other developments along W Girard Ave. The variety of unit types in these projects caters to diverse household needs, with 53 efficiencies, 36 one-bedroom, 46 two-bedroom, 15 three-bedroom, and 8 four-bedroom units.
Over the past decade, Francisville has experienced significant demographic shifts. The population has grown from 4,259 in 2013 to 5,553 in 2022, a 30% increase. Median income has also risen dramatically, from $44,204 in 2013 to $91,154 in 2022, more than doubling over this period.
Racial demographics have also changed considerably. The Black population decreased from 61% in 2013 to 24% in 2022, while the White population increased from 29% to 58% during the same period. The Asian population saw a modest increase from 1% to 4%, and the Hispanic population remained relatively stable, shifting from 8% to 9%.
These demographic trends, particularly the sharp increase in median income and the shift in racial composition, suggest a rapid gentrification process in Francisville. This changing landscape may explain why no new LIHTC projects have been developed since 2013, as the neighborhood's socioeconomic profile has shifted away from the typical target demographic for affordable housing initiatives.
Francisville's LIHTC-funded affordable housing inventory represents a significant portion of its estimated housing stock, covering about 10.1% of units. The neighborhood has a diverse range of affordable housing options, developed over a 25-year period from 1988 to 2013. However, the last decade has seen dramatic demographic changes, including population growth, substantial increases in median income, and significant shifts in racial composition. These changes suggest a rapidly gentrifying neighborhood, which may have altered the perceived need for additional affordable housing development in recent years. Despite these changes, the existing LIHTC projects continue to provide an important affordable housing resource in an increasingly high-cost area.
