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Affordable Housing in West Passyunk: Three Decades 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
West Passyunk, a neighborhood in Philadelphia, Pennsylvania, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 12 units. These units are distributed across six projects, all of which are designated as low-income. Based on the 2022 population of 8,991 and using the national average household size, there are approximately 3,445 housing units in the neighborhood. The LIHTC funded affordable housing represents about 0.35% of the estimated housing inventory in West Passyunk.
The LIHTC projects in West Passyunk have received $12,359 in project tax credits, averaging approximately $1,030 per unit in federal funding through the LIHTC program. The first LIHTC projects in the neighborhood were completed in 1991, with the most recent projects completed in 1993. This indicates that affordable housing through the LIHTC program has been present in West Passyunk for over three decades.
The 1990s saw all six LIHTC project completions in the neighborhood. The inventory includes one two-bedroom unit, nine three-bedroom units, and one four-bedroom unit. Over the past decade, West Passyunk has experienced demographic shifts. The population decreased from 9,996 in 2015 to 8,991 in 2022. However, the median income increased from $32,138 in 2015 to $46,316 in 2022, indicating improved economic conditions for residents.
Racial demographics in West Passyunk have also changed. The Black population decreased from 60% in 2015 to 42% in 2022. The Asian population increased from 14% to 23%, and the White population grew from 16% to 25% during the same period. The Hispanic population remained relatively stable, decreasing slightly from 7% to 6%.
Despite these demographic changes, no new LIHTC projects have been built in West Passyunk since 1993. The rising median income and shifting racial composition may suggest changing housing needs in the neighborhood, potentially reducing the demand for additional LIHTC-funded affordable housing.
West Passyunk's LIHTC-funded affordable housing inventory, while small, has provided consistent affordable housing options for over 30 years. The neighborhood has experienced demographic changes in recent years, including a rising median income and shifts in racial composition. These changes may have influenced the lack of new LIHTC projects in the area over the past decade. It is important to note that other affordable housing programs not captured in this data may also be contributing to meeting the neighborhood's housing needs.
