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Affordable Housing in Terrace Village: LIHTC's Significant Impact on Pittsburgh Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Terrace Village, a neighborhood in Pittsburgh, Pennsylvania, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 236 total units, with 149 designated as low-income units. Based on the 2022 population of 2,660 and using the national average household size, the estimated housing units in the neighborhood are approximately 1,019. LIHTC funded affordable housing represents about 23.2% of the estimated housing inventory, exceeding the target percentage for a well-balanced community.
The LIHTC program has invested $1,471,601 in tax credits for affordable housing projects in Terrace Village, averaging $6,235 per unit in federal funding. Two notable LIHTC projects in the neighborhood are Oak Hill Ic, completed in 2002, and Oak Hill Id, finished in 2003, indicating that affordable housing has been present for at least two decades.
The early 2000s marked the peak of affordable housing development in Terrace Village, with both projects completed within a year of each other. The LIHTC projects offer a diverse housing mix, including 121 one-bedroom units, 81 two-bedroom units, 26 three-bedroom units, and 8 four-bedroom units, catering to various household sizes and needs within the low-income population.
Terrace Village has experienced demographic shifts over the past decade. The population decreased from 2,613 in 2013 to 2,660 in 2022, showing a slight recovery after an initial decline. The median income has grown modestly from $13,345 in 2013 to $15,488 in 2022, indicating persistent economic challenges in the area.
Racial demographics have also changed. The Black population percentage decreased from 56% in 2013 to 55% in 2022, while the Asian population increased from 3% to 6%. The White population decreased from 37% to 33% during this period. These changes suggest a slowly diversifying neighborhood, although it remains predominantly Black.
The presence of LIHTC projects from the early 2000s, combined with the consistently low median income over the past decade, underscores the ongoing need for affordable housing in Terrace Village. The slight population increase in recent years might indicate a stabilizing community, possibly supported by the availability of affordable housing options.
Terrace Village's affordable housing landscape is significantly influenced by LIHTC investments from the early 2000s. These projects provide a substantial portion of the neighborhood's estimated housing stock, offering diverse unit types to meet various needs. While the neighborhood has experienced slight demographic shifts and modest income growth over the past decade, the persistent low median income suggests a continued need for affordable housing options. The LIHTC projects in Terrace Village play a crucial role in addressing this need, contributing to the neighborhood's housing stability and diversity.
