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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Park Forest Village, Pennsylvania, has a population of 12,559 as of 2022. The Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory consists of 141 units, all designated as low-income. This represents approximately 2.93% of the city's estimated 4,812 housing units.
Park Forest Village has received $1,211,796 in LIHTC project tax credits. With three approximate projects, this averages $403,932 per project and $8,594 per unit. The city holds 0.2% of the total state LIHTC funding.
The first LIHTC project, Sylvan View, was completed in 1994, while Pheasant Glen Apartments was built in 1997. Affordable housing has been present in the city for at least 29 years, with the 1990s seeing the most project completions.
The LIHTC-funded housing in Park Forest Village primarily consists of larger units, with 117 three-bedroom units and 24 four-bedroom units, indicating a focus on accommodating families or larger households.
Over the past decade, Park Forest Village's population has remained relatively stable, increasing slightly from 12,238 in 2013 to 12,559 in 2022. The median income has grown from $63,669 in 2013 to $68,166 in 2022, indicating a modest improvement in economic conditions.
Racial demographics have changed, with the white population decreasing from 83% in 2013 to 75% in 2022. There has been an increase in racial diversity, with the Asian population growing from 9% to 10%, the Black population from 1% to 6%, and the Hispanic population from 1% to 5% during the same period.
No new LIHTC projects have been recorded in the last decade. This may suggest that the existing affordable housing stock has been sufficient to meet the city's needs, or that other affordable housing programs are supplementing the LIHTC inventory.
Park Forest Village's LIHTC-funded affordable housing inventory represents 2.93% of the estimated total housing stock. The city has received over $1.2 million in LIHTC funding, focusing on larger units suitable for families. While the population has remained stable over the past decade, there has been a noticeable increase in racial diversity and a modest growth in median income. The lack of new LIHTC projects in recent years may indicate that the current affordable housing stock is meeting the city's needs, or that alternative affordable housing initiatives are in place.