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Affordable Housing in Greenwich, Philadelphia: A Single LIHTC Project Amidst Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Greenwich, a neighborhood in Philadelphia, Pennsylvania, had a population of 2,065 as of 2022. The area contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, which provides a single low-income unit. This LIHTC-funded affordable housing represents approximately 0.13% of the neighborhood's estimated housing stock of 791 units.
The LIHTC program has allocated $1,437 in tax credits to the affordable housing project in Greenwich. This equates to an average federal funding of $1,437 per unit, as there is only one unit in the LIHTC-funded project. The sole LIHTC project in Greenwich, situated at 609 Hoffman St, was completed in 1989. This project has been part of the neighborhood for over three decades and consists of one three-bedroom unit, suitable for family occupancy.
Over the past decade, Greenwich has undergone significant demographic changes. The population decreased from 3,117 in 2014 to 2,065 in 2022, a decline of approximately 34%. Despite this population decrease, the median income increased from $41,450 in 2014 to $51,438 in 2022, representing a 24% increase.
The racial composition of the neighborhood has also changed. The percentage of white residents increased from 35% in 2014 to 43% in 2022. The Hispanic population experienced the most significant increase, from 12% to 31% during the same period. Conversely, the Black population decreased from 18% to 8%, and the Asian population declined from 26% to 16%.
These demographic changes, particularly the increase in median income and the shift in racial composition, may have influenced the lack of new LIHTC projects in the neighborhood over the past decade. The rising median income could indicate a reduced need for additional affordable housing units.
Greenwich's affordable housing landscape is characterized by a single LIHTC-funded project completed in 1989, providing one three-bedroom low-income unit. This represents a small fraction of the neighborhood's estimated housing inventory. Over the past decade, the neighborhood has experienced significant demographic changes, including a population decrease, rising median income, and shifts in racial composition. These factors may have influenced the absence of new LIHTC projects in recent years. The current LIHTC-funded affordable housing stock is limited. Other affordable housing programs not captured in this data may be contributing to meeting the neighborhood's housing needs.
