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Affordable Housing in Souderton: LIHTC's Impact on a Growing Pennsylvania Borough
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Souderton, located in Pennsylvania, possesses a distinct Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The borough has 56 affordable housing units, all of which are designated as low-income units. This indicates a targeted effort to provide housing for lower-income residents within the community.
Based on the estimated housing inventory of 2,747 units, the LIHTC funded affordable housing comprises approximately 2.04% of the borough's housing stock. This percentage represents a small but significant portion of Souderton's housing landscape.
Souderton has received $1,170,738 in project tax credits from the LIHTC program. With one project, this translates to an average federal funding of $1,170,738 per project. When divided by the total units, it results in an average federal funding of $20,906 per unit. The borough holds 0.2% of the total state LIHTC funding, indicating a modest contribution to Pennsylvania's affordable housing efforts.
The sole LIHTC project in Souderton is Reliance Crossing, completed in 2016. This project marks the inception of LIHTC-funded affordable housing in the borough, representing a recent addition to the community's housing landscape. Reliance Crossing consists of 56 units, with a distribution of 31 two-bedroom and 25 three-bedroom apartments. This unit mix suggests a focus on accommodating families or households requiring multiple bedrooms.
Over the past decade, Souderton has experienced steady population growth, increasing from 6,702 in 2010 to 7,169 in 2022. The median income has fluctuated but generally trended upward, reaching $68,038 in 2022. Racial demographics have shifted slightly, with the white population decreasing from 86% in 2013 to 77% in 2022. The Hispanic population has seen the most significant increase, growing from 5% in 2013 to 16% in 2022. Asian and Black populations have remained relatively stable, with slight increases.
The completion of Reliance Crossing in 2016 coincides with a period of population growth and increasing diversity in Souderton. This suggests that the LIHTC project may have been a response to changing demographics and growing housing needs in the community.
Souderton's LIHTC funded affordable housing inventory, while modest in size, represents a targeted effort to provide low-income housing options. The single project, Reliance Crossing, completed in 2016, offers 56 units of two- and three-bedroom apartments. This recent addition to the borough's housing stock aligns with population growth and increasing diversity observed over the past decade. While the LIHTC funded units cover a small percentage of the estimated housing inventory, they play a crucial role in addressing affordable housing needs in the community.
