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Affordable Housing in Walnut Hill: A Three-Decade Evolution of 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
Walnut Hill, a neighborhood in Philadelphia, Pennsylvania, has a substantial presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 470 units in LIHTC-funded projects, with 272 designated as low-income units. Based on the 2022 population of 5,829 and an estimated 2,233 housing units, LIHTC-funded affordable housing comprises approximately 21% of the neighborhood's estimated housing inventory. This percentage aligns with the target range of 15-20% affordable housing stock for a balanced community.
The LIHTC program has invested significantly in Walnut Hill, with project tax credits totaling $5,124,565. This equates to an average federal funding of about $10,903 per unit across all LIHTC-funded projects in the neighborhood. The affordable housing presence in Walnut Hill spans nearly three decades, with the first LIHTC project completed in 1988 and the most recent finished in 2016.
The 2000s experienced the most affordable housing activity, with five projects completed during this decade. Notable projects from this period include Chatham Court Apts (2000), Sheldrake Apts (2004), and a series of Neighborhood Restoration projects completed between 2005 and 2007. The LIHTC-funded housing in Walnut Hill offers a diverse range of unit types, including 68 one-bedroom units, 186 two-bedroom units, 138 three-bedroom units, and 38 four-bedroom units. This distribution indicates a focus on accommodating families of various sizes within the affordable housing stock.
Over the past decade, Walnut Hill has experienced demographic shifts. The population has remained relatively stable, fluctuating between 5,500 and 6,000 residents. The median income has increased from $30,438 in 2013 to $40,696 in 2022, indicating improving economic conditions for some residents.
Racial demographics have evolved. The Black population has decreased from 76% in 2013 to 59% in 2022, while the White population has increased from 18% to 29% during the same period. The Asian population has grown from 2% to 5%, and the Hispanic population has remained relatively stable at around 4-6%.
The most recent LIHTC project in Walnut Hill was completed in 2016. The subsequent years have seen continued demographic changes, potentially influencing the need for additional affordable housing projects. The rising median income might suggest a reduced need for affordable housing, but income inequality could still persist, maintaining a demand for affordable units.
Walnut Hill's LIHTC-funded affordable housing inventory represents a significant portion of its estimated housing stock, aligning with recommended targets for balanced communities. The neighborhood has benefited from consistent investment in affordable housing over nearly three decades, with the most active period being the 2000s. The diverse unit types available cater to various household sizes. While recent years have seen rising median incomes and shifting racial demographics, the continued presence of LIHTC projects suggests an ongoing commitment to maintaining affordable housing options in this evolving Philadelphia neighborhood.
