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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Graduate Hospital, a Philadelphia neighborhood, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area contains 306 total units in LIHTC-funded projects, with 289 designated as low-income units. Based on the 2022 population of 13,784 and using the national average household size, there are approximately 5,281 housing units in the neighborhood. The LIHTC-funded affordable housing comprises about 5.8% of the estimated housing inventory in Graduate Hospital.
The LIHTC program has invested substantially in Graduate Hospital, with project tax credits totaling $2,607,350. This equates to an average federal funding of approximately $8,521 per unit in LIHTC-funded projects. The neighborhood has a history of affordable housing development spanning from 1988 to 2000, with the earliest projects being Christian Street Apts and 2212 Christian St, and the most recent being St Anthony's Senior Residence and Universal Courts II.
The 1990s witnessed the most affordable housing project completions in Graduate Hospital. Notable projects from this decade include Artist Village Apts (1996) and Universal Court I (1999). The LIHTC-funded housing in Graduate Hospital offers a range of unit types, including 15 efficiencies, 119 one-bedroom units, 104 two-bedroom units, 58 three-bedroom units, and 8 four-bedroom units, catering to various household sizes and needs within the low-income population.
Graduate Hospital has experienced significant demographic changes over the past decade. The population increased from 12,183 in 2014 to 13,784 in 2022, a 13.1% growth. Median income rose substantially from $89,724 in 2014 to $115,075 in 2022, a 28.3% increase. The racial composition remained relatively stable, with a slight increase in the white population from 55% in 2014 to 63% in 2022, and a decrease in the Black population from 28% to 22% over the same period.
These demographic trends, particularly the rising median income, may partly explain the absence of new LIHTC projects in Graduate Hospital since 2000. The neighborhood's increasing affluence might have reduced the perceived need for additional low-income housing in recent years.
Graduate Hospital's LIHTC-funded affordable housing inventory, while significant, covers a relatively small portion of the neighborhood's estimated housing stock. The area saw consistent development of affordable housing from the late 1980s through 2000, with the 1990s being particularly active. The existing LIHTC projects offer a diverse range of unit types, catering to various household sizes. However, the lack of new LIHTC developments in the past two decades, coupled with rising incomes and changing demographics, suggests a shift in the neighborhood's affordable housing landscape. These trends highlight the interplay between housing policy, demographic changes, and community needs in urban neighborhoods like Graduate Hospital.