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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
McGuire neighborhood in Philadelphia, Pennsylvania, has an affordable housing landscape influenced by the Low-Income Housing Tax Credit (LIHTC) program. The neighborhood contains one LIHTC-funded project providing 12 affordable units, all designated as low-income. Based on the 2022 population of 3,263 and using the national average household size, the estimated housing inventory for McGuire is approximately 1,250 units. The LIHTC-funded affordable housing represents about 0.96% of the estimated housing stock in the neighborhood.
The LIHTC project in McGuire received $265,881 in tax credits, equating to an average federal funding of $22,156 per unit. The sole LIHTC project is the Iris Nydia Brown Townhouses, completed in 2005. This project has provided affordable housing in the area for over 15 years.
The Iris Nydia Brown Townhouses offer a mix of unit sizes, with 4 two-bedroom units, 6 three-bedroom units, and 2 four-bedroom units. This distribution indicates a focus on accommodating families of various sizes within the affordable housing development.
Over the past decade, McGuire has experienced a significant population decline, from 4,446 residents in 2015 to 3,263 in 2022. Despite this decrease, the median income has shown an upward trend, rising from $14,284 in 2015 to $18,276 in 2022. This increase in median income, while still relatively low, may indicate changing economic conditions in the neighborhood.
The racial composition of McGuire has also shifted over the last decade. The Hispanic population, while remaining the majority, has decreased from 90% in 2015 to 78% in 2022. Concurrently, there has been an increase in the Black population from 2% to 13%, and a slight increase in the White population from 5% to 8% during the same period.
These demographic changes, particularly the declining population and increasing median income, may have influenced the lack of new LIHTC projects in the neighborhood since 2005. The existing affordable housing units may be meeting the current needs of the community, or other factors could be affecting the development of affordable housing in the area.
McGuire neighborhood's affordable housing landscape is characterized by a single LIHTC project, the Iris Nydia Brown Townhouses, which provides 12 low-income units. This represents a small portion of the estimated housing stock but has been a consistent source of affordable housing since 2005. The neighborhood has experienced significant demographic shifts over the past decade, including population decline, increasing median income, and changes in racial composition. These factors may have influenced the development of affordable housing in the area. The analysis of McGuire's LIHTC-funded housing provides insights into the neighborhood's evolving housing needs and demographic trends.