Loading Content...
Affordable Housing in Somerton: LIHTC Impact and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Somerton, a neighborhood in Philadelphia, Pennsylvania, contains a significant number of Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. The neighborhood has 448 units in LIHTC funded projects, with 446 designated as low-income units. Based on the 2022 population of 39,426 and an estimated 15,106 housing units, LIHTC funded affordable housing comprises approximately 2.96% of the neighborhood's estimated housing inventory.
The LIHTC program has made a substantial investment in Somerton, with project tax credits totaling $1,999,628. This equates to an average federal funding of about $4,463 per unit in LIHTC funded projects. Affordable housing has been present in Somerton for over two decades, with the first LIHTC project, Sidewater House, completed in 1999, and the most recent, Miriam & Robert Rieder Apts, finished in 2017.
The 2010s witnessed the most activity in LIHTC funded housing development, with two projects completed during this decade: Ephraim Goldstein Apts in 2015 and Miriam & Robert Rieder Apts in 2017. This indicates a recent emphasis on expanding affordable housing options in the neighborhood.
The LIHTC funded housing stock in Somerton primarily consists of smaller units. Of the 448 total units, there are 138 efficiencies and 308 one-bedroom units, with only 2 two-bedroom units. This unit distribution suggests a focus on housing for individuals or small households.
Over the past decade, Somerton has experienced demographic shifts. The population has grown from 37,315 in 2013 to 39,426 in 2022. Median income has increased from $60,654 in 2013 to $67,069 in 2022, indicating a potential increase in overall economic well-being.
Racial demographics have also changed. The white population has decreased from 79% in 2013 to 66% in 2022, while the Asian population has grown from 10% to 20% during the same period. The Hispanic population has increased slightly from 3% to 4%. These changes suggest growing diversity in the neighborhood.
The completion of two LIHTC projects in 2015 and 2017 coincides with this period of demographic change, potentially responding to evolving housing needs in the community.
Somerton's LIHTC funded affordable housing inventory, while covering a small percentage of the estimated housing stock, represents a significant investment in the neighborhood. The focus on efficiency and one-bedroom units indicates a strategy to serve smaller households. The recent completion of LIHTC projects in the mid-2010s aligns with a period of demographic change, including population growth, increasing median income, and growing racial diversity. These trends suggest an ongoing need for affordable housing options in this evolving neighborhood.
