Loading Content...
Affordable Housing in Overlook Park: LIHTC Impact and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Overlook Park, a neighborhood in Allentown, Pennsylvania, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The neighborhood has 79 total affordable units, all designated as low-income units. Based on an estimated 615 housing units in the neighborhood, LIHTC funded affordable housing comprises approximately 12.8% of the neighborhood's housing inventory.
The LIHTC program has invested $1,100,405 in tax credits for affordable housing projects in Overlook Park. This equates to an average federal funding of $13,929 per unit. The neighborhood's LIHTC funded affordable housing history began in 2007 with the completion of the Hart Rental Phase II project. This project, consisting of 79 units, represents the entirety of LIHTC funded affordable housing in the neighborhood.
The Hart Rental Phase II project offers a range of unit types to accommodate various household sizes. It includes 13 one-bedroom units, 43 two-bedroom units, 21 three-bedroom units, and 2 four-bedroom units. This distribution indicates a focus on housing for small to medium-sized families, with options available for larger households as well.
Over the past decade, Overlook Park has experienced population fluctuations, with a general upward trend. The population increased from 1,024 in 2012 to 1,604 in 2022, representing a 56.6% growth. This population increase may indicate a growing demand for housing, including affordable options.
Median income in the neighborhood has shown variability, ranging from $26,261 in 2014 to $45,903 in 2021, before decreasing to $34,849 in 2022. These fluctuations suggest economic instability in the area, potentially reinforcing the need for affordable housing options.
The racial composition of Overlook Park has shifted noticeably over the past decade. The Hispanic population has grown from 66% in 2013 to 78% in 2022, while the white population has decreased from 29% to 12% during the same period. The black population has remained relatively stable, increasing slightly from 5% to 8%. This demographic shift may influence the specific housing needs of the community.
Overlook Park's LIHTC funded affordable housing inventory, while significant, may not fully meet the needs of its growing and changing population. The single LIHTC project, completed in 2007, provides a diverse range of unit types, potentially accommodating various household sizes. However, with the neighborhood's population growth and demographic shifts over the past decade, there may be an increased demand for affordable housing options. The fluctuating median income levels further underscore the potential need for additional affordable housing in the area. As the community continues to evolve, ongoing assessment of housing needs and potential expansion of affordable housing options may be warranted to ensure a well-balanced and inclusive neighborhood.
