Loading Content...
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Germantown Penn Knox, a neighborhood in Philadelphia, Pennsylvania, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area currently has 149 affordable units, all designated as low-income. This LIHTC inventory plays a crucial role in addressing the neighborhood's housing needs.
Based on the 2022 population of 2,134 and using the national average household size of 2.61, the neighborhood is estimated to have approximately 818 housing units. The 149 LIHTC-funded affordable units represent about 18.2% of this estimated housing inventory, aligning with the target percentage of 15-20% for affordable housing stock in a balanced community.
The LIHTC program has invested significantly in Germantown Penn Knox, with project tax credits totaling $1,350,349. This translates to an average federal funding of approximately $9,063 per affordable unit. The neighborhood has benefited from LIHTC-funded affordable housing for over three decades, with the first recorded project, Stokes Rowe, completed in 1988, and the most recent, Germantown House, finished in 2006.
The 2000s saw the most substantial addition to the affordable housing stock with the completion of Germantown House in 2006, adding 133 units and significantly boosting the neighborhood's affordable housing capacity. The LIHTC-funded housing in Germantown Penn Knox primarily consists of one-bedroom units (122), followed by two-bedroom units (22), and a small number of efficiencies (5), suggesting a focus on housing for individuals and small families.
Over the past decade, Germantown Penn Knox has experienced some demographic shifts. The population has remained relatively stable, fluctuating between about 1,900 and 2,200 residents. Median income has shown an overall upward trend, rising from $28,952 in 2013 to $26,942 in 2022, with some fluctuations in between. Racially, the neighborhood has maintained a predominantly Black population, consistently representing about 70-75% of residents. There has been a slight increase in Hispanic residents (from 2% to 4%) and those identifying as two or more races (from 0% to 3-4%) over the past decade.
The stability in population and gradual income growth, coupled with the existing LIHTC inventory, may explain why no new LIHTC projects have been developed in the neighborhood in recent years. The current affordable housing stock appears to be meeting a significant portion of the community's needs.
Germantown Penn Knox's LIHTC-funded affordable housing inventory represents a substantial portion of its estimated housing stock, aligning well with affordable housing targets. The neighborhood has benefited from LIHTC investments for over three decades, with the most significant addition occurring in the 2000s. The housing mix, primarily one-bedroom units, reflects the needs of the local population. While demographic shifts have been modest, the stable population and gradual income growth suggest that the current affordable housing stock continues to serve an important role in the community.