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Affordable Housing in Zip Code 16417: Three Decades of LIHTC Impact in Platea
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 16417 in Platea, Pennsylvania, encompasses an area of 48.27 square miles with a population of 9,062 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has facilitated affordable housing projects in this region, resulting in 14 affordable units, including 1 designated low-income unit. These LIHTC-funded units represent approximately 0.4% of the estimated 3,472 housing units in the zip code.
The LIHTC program has allocated $61,755 in tax credits for affordable housing projects in zip code 16417, constituting about 0.01% of Pennsylvania's total LIHTC funding. This investment equates to an average of $4,411 in federal funding per unit. The single LIHTC-funded project in this area, Lake Street Apts, was completed in 1995 and has been providing affordable housing options for nearly three decades.
Lake Street Apts consists of 14 units, comprising 12 one-bedroom and 2 two-bedroom apartments. This unit distribution indicates a focus on accommodating smaller households or individuals. The project does not target a specific population, suggesting it may serve a diverse range of residents in need of affordable housing.
Zip code 16417 has experienced demographic changes over the past decade. The population has shown slight growth, increasing from 8,762 in 2015 to 9,062 in 2022. Median income has risen significantly from $58,020 in 2015 to $69,587 in 2022, potentially indicating improved economic conditions for some residents.
Racial demographics in the zip code have remained predominantly white, with a minor decrease from 96% in 2015 to 93% in 2022. The Hispanic population has seen a small increase, rising from less than 1% in 2015 to 5% in 2022, indicating growing diversity in the area.
Despite these demographic shifts, no new LIHTC projects have been developed in the last decade. This lack of new developments may be attributed to various factors, including the relatively high median income, which could reduce the perceived need for additional affordable housing units.
Zip code 16417 in Platea, Pennsylvania, maintains a modest LIHTC-funded affordable housing presence, with one project providing 14 units since 1995. While this represents a small portion of the estimated housing stock, it has served as a consistent source of affordable housing for nearly 30 years. The area has experienced growth in median income and slight changes in racial demographics over the past decade, but these shifts have not resulted in new LIHTC developments. The existing project continues to serve the community, offering primarily one-bedroom units to meet local housing needs.
