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Affordable Housing in Reading: LIHTC Impact on Urban Landscape
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Reading, Pennsylvania possesses a significant inventory of affordable housing funded through the Low-Income Housing Tax Credit (LIHTC) program. The city's LIHTC-funded affordable housing inventory comprises 361 total units, with 341 designated as low-income units. This represents approximately 0.99% of the city's estimated housing stock of 36,345 units.
Reading has received $3,237,745 in project tax credits through the LIHTC program. With approximately 19 projects, this averages to about $170,408 per project or $8,969 per unit. The city holds 0.54% of the total state funding for LIHTC projects, indicating a modest share of Pennsylvania's affordable housing initiatives.
The first LIHTC project in Reading was completed in 1989 at 604 N Tenth St, while the most recent completed project on record is the Homes At Riverside in 2016. This represents over 27 years of affordable housing development in the city. The 1990s saw the most affordable housing projects completed, including notable developments such as Abraham Lincoln Court (1994) and Emma Lazarus Place (1999).
The LIHTC-funded housing stock in Reading primarily consists of one-bedroom units (218), followed by two-bedroom units (91), three-bedroom units (38), and a small number of four-bedroom units (4). This distribution suggests a focus on housing for smaller households and families.
Reading's population has grown from 88,373 in 2019 to 94,860 in 2022. During this period, the median income increased from $39,670 in 2019 to $43,496 in 2022, indicating a modest improvement in economic conditions. The racial composition of the city has shifted, with the Hispanic population growing from 66% in 2019 to 72% in 2022, while the white population decreased from 22% to 18% during the same period.
Despite these demographic changes, there appears to be a slowdown in LIHTC project completions in recent years. This could be due to various factors, including changes in funding priorities or a shift in housing needs.
Reading's LIHTC-funded affordable housing inventory represents a small portion of the city's estimated housing stock. The city has seen consistent development of affordable housing projects over nearly three decades, with a concentration of activity in the 1990s. The housing units are primarily designed for smaller households, aligning with urban living trends. The city has experienced population growth and modest income increases in recent years, while the racial composition has shifted towards a larger Hispanic population. These demographic changes may influence future affordable housing needs and development strategies in Reading.
