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Affordable Housing in Sharswood: LIHTC Impact 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
Sharswood, a neighborhood in Philadelphia, Pennsylvania, contains a significant number of affordable housing units funded by the Low-Income Housing Tax Credit (LIHTC) program. The neighborhood has 60 total units in LIHTC funded projects, with 59 designated as low-income units. Based on the 2022 population of 2,366 and the national average household size, the estimated housing inventory for Sharswood is approximately 907 units. LIHTC funded affordable housing represents about 6.6% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $1,261,941 in tax credits for affordable housing projects in Sharswood. This equates to an average federal funding of approximately $21,032 per unit. The neighborhood features one notable LIHTC project, Sharswood Townhomes Phase II, completed in 2006. This project has provided affordable housing in the neighborhood for over 15 years.
The Sharswood Townhomes Phase II project consists of 44 two-bedroom units and 16 three-bedroom units, accommodating families of various sizes. This unit type distribution indicates a focus on housing families with children or multigenerational households.
Sharswood has undergone significant demographic changes over the past decade. The population decreased from 3,324 in 2015 to 2,366 in 2022, a reduction of about 29%. Despite this population decline, the median income increased substantially, rising from $18,651 in 2015 to $41,545 in 2022, more than doubling over this period.
The racial composition of Sharswood has also shifted notably. The Black population decreased from 84% in 2015 to 54% in 2022, while the White population increased from 8% to 28% during the same period. The Hispanic population grew from 4% to 14%.
These demographic changes, particularly the rising median income and shifting racial composition, may indicate ongoing gentrification in the neighborhood. This could potentially impact the demand for affordable housing in the area.
Sharswood's affordable housing landscape is characterized by a single LIHTC project that provides 60 units, covering about 6.6% of the estimated housing inventory. The neighborhood has experienced significant demographic changes over the past decade, including population decline, substantial income growth, and shifts in racial composition. These trends suggest a changing neighborhood dynamic that may influence future affordable housing needs and development in Sharswood.
