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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lower Moyamensing, a neighborhood in Philadelphia, Pennsylvania, had a population of 16,707 in 2022. The area contains a small Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory, comprising 3 units, all designated as low-income. These units represent approximately 0.05% of the neighborhood's estimated 6,401 housing units. The LIHTC program has provided $1,009 in tax credits for affordable housing projects in Lower Moyamensing, averaging $336 in federal funding per unit.
The initial LIHTC project in the neighborhood was completed in 1988 at 2642 S Beulah St, with the most recent project finished in 1994 at 830 Cantrell St. This indicates that affordable housing has been present in Lower Moyamensing for at least 34 years. The 1990s saw the most affordable housing development, with two projects completed during that decade: 2218 S Darien St in 1991 and 830 Cantrell St Project in 1994. Available data shows that two of the three projects include two-bedroom units.
Over the past decade, Lower Moyamensing has undergone demographic changes. The population increased slightly from 16,015 in 2013 to 16,707 in 2022. Median income grew significantly, rising from $42,411 in 2013 to $54,092 in 2022, a 27.5% increase. The neighborhood has become more diverse, with the white population decreasing from 55% in 2013 to 48% in 2022, while the Hispanic population grew from 8% to 22%. The Asian population remained relatively stable, increasing slightly from 22% to 23%.
Despite these demographic shifts, no new LIHTC projects have been developed in the neighborhood since 1994. This could be attributed to various factors, including changes in funding priorities, local zoning regulations, or the availability of alternative affordable housing programs.
Lower Moyamensing's LIHTC-funded affordable housing inventory, though small, has been part of the neighborhood for over three decades. The three projects, all completed between 1988 and 1994, provide a modest contribution to the area's affordable housing needs. The neighborhood has experienced significant demographic changes in recent years, including a substantial increase in median income and growing diversity. While no new LIHTC projects have been developed in the past decade, the existing units continue to play a role in the neighborhood's housing landscape. Further research into other affordable housing programs and local housing policies would be necessary to fully understand the neighborhood's affordable housing situation.