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Affordable Housing in Zip Code 15926: LIHTC-Funded Somerset Manor
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 15926, located in Indian Lake, Pennsylvania, contains a unique Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 24 low-income units, all part of LIHTC funded projects. Based on the 2022 population of 2,203 and using the national average household size, there are approximately 844 housing units in this zip code. The LIHTC funded affordable housing covers about 2.84% of the estimated housing inventory.
The LIHTC program has provided $43,120 in tax credits for affordable housing projects in this zip code. This translates to an average federal funding of $1,797 per unit. This zip code accounts for 0.01% of the total LIHTC funding allocated to Pennsylvania.
Somerset Manor, completed in 1991, is the only LIHTC funded project in this zip code. This project has been providing affordable housing options for over three decades. All 24 units in Somerset Manor are one-bedroom apartments, catering to individuals or small households.
Over the past decade, the zip code has experienced a gradual population decline, from 2,356 residents in 2013 to 2,203 in 2022. The median income has shown an overall upward trend, rising from $41,060 in 2013 to $52,094 in 2022. This increase in median income might suggest a reduced need for additional affordable housing units in recent years.
The racial composition of the zip code has remained relatively stable, with the white population consistently representing over 97% of residents throughout the past decade. The Hispanic population has fluctuated slightly, reaching a maximum of 1% in 2017 and 2021.
Zip code 15926 in Indian Lake, Pennsylvania, features a single LIHTC funded affordable housing project, Somerset Manor, which has been serving the community since 1991. With 24 one-bedroom units, this project accounts for a small but significant portion of the estimated housing inventory. While the population has slightly decreased over the past decade, median incomes have risen, potentially impacting the demand for affordable housing. The stable racial composition and long-standing presence of Somerset Manor suggest a consistent approach to addressing affordable housing needs in this area.
