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Affordable Housing in Richmond: A Three-Decade Commitment to LIHTC Projects
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Richmond, a neighborhood in Philadelphia, Pennsylvania, features a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 151 affordable units, all designated as low-income. Based on the 2022 population of 27,315 and using the national average household size of 2.61, the estimated housing inventory in Richmond is approximately 10,466 units. LIHTC funded affordable housing comprises about 1.44% of this estimated inventory.
The LIHTC program has made a significant investment in Richmond, with project tax credits totaling $3,524,460. This equates to an average federal funding of approximately $23,341 per affordable unit. The neighborhood has experienced consistent development of affordable housing over several decades. The first recorded LIHTC project was completed in 1988 at 3087 Weikel St, while the most recent project with a known completion date is the Orinoka Mills Civic House, finished in 2017. This nearly 30-year span demonstrates a long-term commitment to affordable housing in the area.
The 1980s saw the highest affordable housing activity, with three projects completed in 1988 and 1989. Notable projects include those at 2035 E Auburn St and 2839 Frankford Ave. The neighborhood's affordable housing inventory is diverse, featuring a mix of unit sizes. There are 33 one-bedroom units, 65 two-bedroom units, 42 three-bedroom units, and 10 four-bedroom units, catering to various household sizes and needs.
A project of particular interest is the Impact Veterans and Family Housing, completed in 2015. This development specifically targets veterans, addressing the unique housing needs of this population.
Over the past decade, Richmond's population has remained relatively stable, fluctuating between 26,000 and 28,000 residents. The median income has shown a significant upward trend, increasing from $34,922 in 2013 to $50,392 in 2022. This rise in median income may indicate a changing economic landscape in the neighborhood.
Racial demographics have remained fairly consistent, with the white population comprising the majority at around 54-56% in recent years. The Hispanic population has seen a slight increase, from 23% in 2013 to 25% in 2022. The black population has remained stable at around 12%. These demographic shifts, while subtle, may influence the ongoing need for affordable housing in the area.
Richmond's affordable housing landscape, shaped by LIHTC investments, demonstrates a long-term commitment to providing low-income housing options. The neighborhood has a diverse range of affordable units, with projects spanning several decades. While the LIHTC funded units cover a small percentage of the estimated housing inventory, they represent a significant federal investment in the community. The recent focus on veteran-specific housing and the steady increase in median income suggest an evolving approach to meeting the neighborhood's affordable housing needs. As Richmond continues to develop, monitoring these trends will be crucial for future housing policy decisions.
