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Affordable Housing in West Park: LIHTC's Impact on a Changing Philadelphia 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
West Park, a neighborhood in Philadelphia, Pennsylvania, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 42 total units, including 6 low-income units. Based on the estimated 2022 population of 513 and the national average household size, the estimated housing inventory for West Park is approximately 197 units. LIHTC funded affordable housing represents about 21.3% of the neighborhood's estimated housing inventory, aligning with the target percentage for a balanced community.
The LIHTC program has invested in West Park, with project tax credits totaling $751,665. This equates to an average federal funding of approximately $17,897 per unit in LIHTC funded projects. The neighborhood's affordable housing is characterized by a single project, Monument Mews, completed in 2004. This project marks the inception of LIHTC-funded affordable housing in West Park and has been present for nearly two decades.
Monument Mews offers various unit types to accommodate different household sizes. The project includes 27 one-bedroom units, 8 two-bedroom units, 2 three-bedroom units, and 5 four-bedroom units. This distribution indicates an effort to cater to both small families and larger households within the affordable housing framework.
West Park has experienced demographic shifts over the past decade. The population has fluctuated, peaking at 577 in 2015 and declining to 513 in 2022. The median income has shown a consistent upward trend, rising from $20,712 in 2013 to $60,956 in 2022. This increase in median income may affect the demand for affordable housing in the neighborhood.
The racial composition of West Park has evolved. The Black population increased from 42% in 2013 to 58% in 2022, while the White population decreased from 34% to 26% over the same period. The Asian population grew from 8% to 12%. These demographic changes may influence the community's housing needs and the ongoing relevance of the LIHTC-funded housing in the neighborhood.
West Park's affordable housing landscape is characterized by Monument Mews, a LIHTC-funded project present since 2004. This project contributes to the neighborhood's housing diversity, offering various unit sizes to accommodate different household compositions. The LIHTC investment in West Park represents a commitment to affordable housing, providing an average of $17,897 per unit in federal funding.
The neighborhood has experienced demographic changes over the past decade, including an increase in median income and shifts in racial composition. These changes, coupled with population fluctuations, may influence the demand for affordable housing in West Park. The presence of LIHTC-funded housing covering about 21.3% of the estimated housing inventory suggests that the neighborhood meets recommended targets for affordable housing stock, contributing to a more economically diverse community.
