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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 16259 in Templeton, Pennsylvania, contains a unique Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area has 32 affordable housing units, all of which are designated as low-income units. These units represent approximately 4.5% of the estimated 706 housing units in the zip code.
The LIHTC program has allocated $54,163 in tax credits for affordable housing projects in zip code 16259. This amounts to an average federal funding of $1,692 per unit. The zip code accounts for 0.01% of the total state LIHTC funding in Pennsylvania.
The affordable housing in zip code 16259 has been present since 1994, with the completion of the Kittanning Commons project. This single project comprises all 32 LIHTC funded units in the area. The 1990s saw the most affordable housing development in this zip code.
The housing units in Kittanning Commons are evenly distributed between one-bedroom and two-bedroom apartments, with 16 units of each type. This distribution indicates a focus on accommodating small families and individuals.
Over the past decade, the population in zip code 16259 has exhibited fluctuations, with a general increasing trend from 1,670 in 2017 to 1,843 in 2022. The median income has also varied, ranging from $47,284 to $51,452 during this period.
The racial composition of zip code 16259 has remained relatively stable, with the white population consistently representing 96-99% of the total. There has been a slight increase in Hispanic representation, from 0% in 2018-2019 to 2% in 2021-2022.
Despite these demographic changes, no new LIHTC projects have been developed in zip code 16259 in the last decade. This could be attributed to various factors, including the relatively stable median income and the existing affordable housing stock meeting current needs.
Zip code 16259 in Templeton, Pennsylvania, has a single LIHTC funded affordable housing project, Kittanning Commons, which has been serving the community since 1994. With 32 units, it represents about 4.5% of the estimated housing inventory. The project received $54,163 in tax credits, averaging $1,692 per unit. While the population and median income have shown some fluctuations over the past decade, the racial composition has remained largely stable. The absence of new LIHTC developments in recent years may indicate that the current affordable housing stock is meeting the area's needs, though this would require further investigation considering other affordable housing programs and local economic factors.