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Affordable Housing in Zip Code 16121: LIHTC Projects and Demographic Trends in Farrell, Pennsylvania
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 16121 in Farrell, Pennsylvania, exhibits a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 116 affordable units, all of which are classified as low-income units. Based on the 2022 population of 4,249 and utilizing the national average household size, an estimated 1,628 housing units exist in this zip code. The LIHTC funded affordable housing accounts for approximately 7.1% of the estimated housing inventory, indicating a substantial contribution to the area's affordable housing needs.
The LIHTC projects in zip code 16121 have received $1,590,928 in tax credits, averaging about $13,715 per unit. This represents 0.27% of Pennsylvania's total LIHTC funding, a notable allocation for a single zip code. The area experienced LIHTC developments from 2003 to 2005, with Steel City Phase I being the first project completed in 2003 and Centennial Place Phase II the last known completion in 2005. This indicates at least three years of active affordable housing development in the area.
The early 2000s were particularly active for affordable housing in this zip code, with three projects completed between 2003 and 2005. These include Steel City Phase I, Legacy Commons, and Centennial Place Phase II. The LIHTC funded housing in this zip code offers a range of unit sizes, with 12 one-bedroom units, 77 two-bedroom units, 21 three-bedroom units, and 6 four-bedroom units. This distribution suggests accommodation for families of various sizes, with a focus on two-bedroom units.
Over the past decade, zip code 16121 has experienced a gradual population decline, from 4,649 in 2014 to 4,249 in 2022. Concurrently, median income has fluctuated, showing a general downward trend from $32,217 in 2014 to $24,825 in 2022. The racial composition has remained relatively stable, with a slight increase in the Black population from 46% in 2014 to 48% in 2022, while the White population decreased from 45% to 40% during the same period. These demographic shifts, particularly the declining population and median income, suggest an ongoing need for affordable housing in the area. The LIHTC projects, although not recently built, continue to play a crucial role in meeting the community's housing needs.
Zip code 16121 demonstrates a significant commitment to affordable housing through its LIHTC funded projects. With 116 low-income units covering about 7.1% of the estimated housing inventory, these developments contribute substantially to the area's affordable housing stock. The early 2000s saw active development, with projects like Steel City Phase I and Centennial Place Phase II. The diverse unit sizes cater to various household compositions. The existing LIHTC projects continue to serve an important function in providing affordable housing options for the community, despite demographic trends showing a declining population and median income.
