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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Old City, a historic neighborhood in Philadelphia, Pennsylvania, contains one LIHTC-funded affordable housing project with 94 units, all designated as low-income. This project represents 3.19% of the estimated 2,948 housing units in the neighborhood, based on 2022 population data and national average household size.
The LIHTC project in Old City received $1,791,902 in tax credits, averaging $19,062 per unit in federal funding. Located at 810 Arch Street, the project was completed in 2015, marking the introduction of LIHTC-funded affordable housing in the area.
All 94 units in this project are classified as efficiencies, potentially addressing specific housing needs for single individuals or small households in Old City. This composition may target demographics such as young professionals or seniors.
Old City experienced significant population growth from 5,670 residents in 2013 to 7,693 in 2022, a 35.7% increase indicating rising housing demand. The median income also increased from $89,770 in 2013 to $115,773 in 2022, a 28.9% rise.
The racial composition of Old City remained relatively stable. The white population increased from 70% in 2013 to 76% in 2022. The Asian population fluctuated between 11-14%, while the Black population decreased from 10% to 6%. The Hispanic population remained consistent at 5-7%.
The LIHTC project's completion in 2015 coincided with rapid population growth and rising median incomes, suggesting its implementation may have aimed to maintain economic diversity amid gentrification pressures.
Old City's LIHTC-funded affordable housing inventory comprises a single project completed in 2015, providing 94 efficiency units for low-income residents. This project represents a small portion of the neighborhood's estimated housing stock but plays a crucial role in maintaining some affordability in an area experiencing significant growth and rising incomes. The focus on efficiency units suggests a targeted approach to meeting specific housing needs. Monitoring the balance between market-rate and affordable housing will be essential to ensure a diverse and inclusive neighborhood as Old City continues to evolve.