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Affordable Housing in Olney: A Decades-Long Stagnation
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Olney, a neighborhood in Philadelphia, Pennsylvania, has a limited Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This inventory comprises 9 low-income units across approximately 9 projects. Based on the 2022 population of 42,242 and using the national average household size of 2.61, the estimated number of housing units in the neighborhood is 16,185. The LIHTC funded affordable housing represents about 0.06% of the estimated housing inventory in Olney.
The LIHTC program has provided $9,967 in project tax credits for affordable housing in Olney. This equates to an average of $1,107 in federal funding per unit. The initial LIHTC project in the neighborhood was completed in 1988, with the most recent project finished in 1995. This indicates that affordable housing has been present in Olney for at least 27 years.
The late 1980s witnessed the highest number of affordable housing projects completed in Olney. Significant projects from this period include "816 W Wellens Ave," "4Th St House," "179 W Ruscomb St," and "265 Rubicam St," all completed in 1988. Of the total units in LIHTC funded projects, 2 are two-bedroom units and 5 are three-bedroom units. This distribution suggests a focus on accommodating families in the affordable housing inventory.
Over the past decade, Olney's population has remained relatively stable, fluctuating between 42,000 and 45,000 residents. The median income has demonstrated an overall upward trend, increasing from $33,622 in 2013 to $40,296 in 2022. This rise in median income may partially explain the absence of new LIHTC projects in recent years.
Regarding racial demographics, Olney has maintained a diverse population. The Black population has consistently represented the largest group, comprising over 50% of residents. The Hispanic population has increased slightly from 24% in 2013 to 28% in 2022, while the Asian population has decreased slightly from 17% to 14% over the same period.
Olney's LIHTC funded affordable housing inventory, while present, covers a small percentage of the estimated housing units in the neighborhood. The majority of these projects were completed in the late 1980s and early 1990s, with no new LIHTC projects recorded since 1995. The neighborhood has experienced a gradual increase in median income over the past decade, which may have influenced the lack of recent LIHTC developments. Despite this, Olney maintains a diverse population, with a majority Black population and growing Hispanic representation.
