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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Grays Ferry, a neighborhood in Philadelphia, Pennsylvania, has a significant presence of affordable housing funded through the Low-Income Housing Tax Credit (LIHTC) program. The neighborhood has 426 total units in LIHTC-funded projects, with 362 of these designated as low-income units. Based on the estimated 5,994 housing units in the neighborhood, the LIHTC-funded affordable housing covers approximately 7.1% of the neighborhood's housing inventory.
The LIHTC program has invested significantly in Grays Ferry, with project tax credits totaling $6,550,911. This translates to an average federal funding of about $15,377 per unit in LIHTC-funded projects. The neighborhood has benefited from LIHTC-funded affordable housing for nearly three decades, with the first project, "1308 S 33Rd St," completed in 1989, and the most recent, "Anthony Wayne Sr Hsg Phase III," finished in 2018.
The 1990s saw the most affordable housing projects completed, with five projects built during this decade. Notable projects from this period include "Kings Village" (1997) and "Reed House" (1999). The 2010s also saw significant activity, with three projects completed, including "St John Neumann Place II" in 2017.
The LIHTC-funded housing in Grays Ferry offers a diverse range of unit types. The inventory includes 66 efficiencies, 128 one-bedroom units, 73 two-bedroom units, and 96 three-bedroom units. This variety caters to different household sizes and needs within the low-income population.
Over the past decade, Grays Ferry has experienced some demographic shifts. The population has remained relatively stable, fluctuating between 15,000 and 16,000 residents. However, the median income has increased significantly, from $21,816 in 2013 to $53,498 in 2022, potentially indicating a trend towards gentrification.
The racial composition of the neighborhood has also changed. The Black population decreased from 63% in 2013 to 51% in 2022, while the White population increased from 19% to 23%. The Asian population nearly doubled from 6% to 12%, and the Hispanic population grew from 5% to 10%. These demographic shifts may influence future affordable housing needs in the neighborhood.
Grays Ferry's LIHTC-funded affordable housing inventory represents a significant investment in the neighborhood's low-income housing needs. With 426 total units, of which 362 are designated as low-income, these projects cover about 7.1% of the estimated housing inventory. The LIHTC program has provided substantial financial support, averaging $15,377 per unit. The neighborhood has seen a consistent development of affordable housing projects from 1989 to 2018, with the 1990s being the most active period. The diverse range of unit types caters to various household sizes within the low-income population. While the neighborhood has experienced demographic changes, including rising median incomes and shifts in racial composition, the LIHTC-funded housing continues to play a crucial role in maintaining affordable options in Grays Ferry.