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Affordable Housing in Nicetown: LIHTC's Three-Decade Presence
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Nicetown, a neighborhood in Philadelphia, Pennsylvania, has a presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory consists of 8 total units, all designated as low-income units. Based on the 2022 population of 3,931 and the estimated housing inventory of 1,506 units, LIHTC funded affordable housing covers approximately 0.53% of the neighborhood's estimated housing stock. This percentage indicates that LIHTC funded projects contribute to the affordable housing landscape in Nicetown, but likely form only a part of the overall affordable housing in the area.
The LIHTC projects in Nicetown have received a total of $5,385 in project tax credits. This translates to an average of $673.13 per unit in federal funding through the LIHTC program. The neighborhood has had LIHTC funded affordable housing projects since at least 1989, with the earliest recorded projects being Boccelli-10 Houses and Moffatt-Fasy, both completed in that year. The most recent project with a known completion date is 1746 St Paul St, finished in 1991. This indicates that LIHTC funded affordable housing has been present in Nicetown for over three decades.
The 1980s saw the most LIHTC funded affordable housing projects completed in Nicetown, with two projects finished in 1989. In terms of unit types, the available data shows that the LIHTC funded projects include 5 two-bedroom units and 2 three-bedroom units, suggesting a focus on accommodating small to medium-sized families.
Over the past decade, Nicetown has experienced demographic shifts. The population has shown an overall increasing trend, growing from 2,476 in 2014 to 3,931 in 2022. Median income has also risen, from $23,028 in 2014 to $30,410 in 2022, indicating a general improvement in economic conditions.
Regarding racial distribution, the neighborhood has maintained a predominantly Black population, consistently above 80% throughout the decade. However, there has been a slight decrease in the Black population percentage, from 90% in 2014 to 86% in 2022, with small increases in other racial groups, particularly those identifying as two or more races.
These demographic trends, particularly the population growth and income increase, may suggest changing housing needs in the neighborhood. The rising median income could potentially impact the demand for affordable housing, though the current median income still indicates a significant need for affordable options.
Nicetown's LIHTC funded affordable housing inventory, while small in comparison to the estimated total housing stock, has been a consistent presence in the neighborhood for over 30 years. The LIHTC projects have provided a mix of two and three-bedroom units, catering to various household sizes. While the neighborhood has seen population growth and increased median income over the past decade, the continued presence of LIHTC funded housing suggests an ongoing need for affordable options. The demographic shifts, particularly in racial distribution, may also influence future affordable housing needs and development in Nicetown.
