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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Wayne, Pennsylvania, is a suburban community with 50 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. This inventory comprises approximately 1.72% of the city's estimated 2,903 housing units. The LIHTC program has provided $195,808 in project tax credits for affordable housing in Wayne, representing 0.03% of the state's total LIHTC funding. This translates to an average federal funding of $195,808 per project and $3,916 per unit.
The sole affordable housing project in Wayne, Highland Homes Apartments, was completed in 2002. This project has been offering affordable housing options in the city for over two decades. Highland Homes Apartments consists of 50 units, including 24 two-bedroom and 26 three-bedroom apartments, indicating a focus on accommodating families or households requiring multiple bedrooms.
Wayne has experienced demographic changes over the past decade. The population increased slightly from 7,083 in 2014 to 7,578 in 2022. The median income grew significantly from $129,928 in 2014 to $144,933 in 2022, suggesting an overall increase in affluence. Racial demographics have also shifted, with the white population decreasing from 84% to 78%, the Asian population increasing from 4% to 6%, and the Hispanic population growing from 2% to 8% between 2014 and 2022. The Black population remained relatively stable at 4-5%.
Despite these demographic changes, no new LIHTC projects have been constructed in Wayne since 2002. This lack of new development may be attributed to the city's high median income and relatively stable population, potentially indicating a lower perceived need for additional affordable housing units.
In summary, Wayne's LIHTC funded affordable housing inventory consists of a single project with 50 units, completed in 2002. This represents a small portion (1.72%) of the city's estimated housing stock. The community has experienced growth in median income and slight shifts in racial demographics over the past decade. However, no new LIHTC projects have been developed during this period. The existing project, Highland Homes Apartments, continues to provide a mix of two and three-bedroom units, potentially serving families in need of affordable housing options in this affluent suburban area.