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Affordable Housing in Pennypack Park: LIHTC Project Amidst Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Pennypack Park, a neighborhood in Philadelphia, Pennsylvania, features a Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. The neighborhood has 44 affordable units, all designated as low-income units. Based on the estimated housing inventory of 1,546 units, the LIHTC funded affordable housing comprises approximately 2.85% of the neighborhood's housing stock.
The LIHTC project in Pennypack Park received $1,011,558 in tax credits, averaging $22,990 per unit. The sole LIHTC project, Pennypack Crossing, was completed in 2017, marking the introduction of LIHTC-funded affordable housing in the area. All 44 units are one-bedroom apartments, potentially serving a diverse range of low-income residents.
Over the past decade, Pennypack Park's population increased from 3,406 residents in 2013 to 4,036 in 2022. The median income rose from $82,590 in 2013 to $90,384 in 2022, indicating overall economic improvement. Racial demographics have shifted, with the white population decreasing from 76% to 72%, the Black population increasing from 6% to 11%, and the Hispanic population growing from 4% to 9% between 2013 and 2022.
The introduction of the LIHTC project in 2017 coincides with a period of population growth and increasing diversity in the neighborhood. This suggests that the affordable housing project may have been a response to changing demographic needs and increasing housing demands in the area.
Pennypack Park's LIHTC-funded affordable housing represents an important addition to the neighborhood's housing inventory. The Pennypack Crossing project provides 44 one-bedroom units for low-income residents. This development aligns with the neighborhood's recent population growth and increasing diversity. While the LIHTC-funded units cover a small percentage of the estimated housing stock, they contribute to addressing affordable housing needs in an area experiencing rising median incomes and demographic changes.
