Zip code 16506 in Erie, Pennsylvania, contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project, known as The Woodlands At Zuck Park, was completed in 2012 and consists of 30 total units, with 3 designated as low-income units. Based on the 2022 population of 24,135 and an estimated 9,247 housing units in the zip code, the LIHTC funded affordable housing comprises approximately 0.32% of the estimated housing inventory.

The LIHTC program has provided $375,000 in project tax credits for affordable housing in this zip code. This amount equates to an average federal funding of $12,500 per unit. Zip code 16506 accounts for 0.06% of the total LIHTC funding allocated to Pennsylvania. The Woodlands At Zuck Park has been providing affordable housing options for over a decade. The development consists of 3 three-bedroom units and 27 four-bedroom units, indicating a focus on accommodating larger families or households.

Over the past decade, the population in zip code 16506 has experienced slight fluctuations, with an overall increase from 23,589 in 2012 to 24,135 in 2022. The median income has risen from $70,631 in 2013 to $76,305 in 2022, indicating a moderate improvement in economic conditions. Racial demographics have remained relatively stable, with a slight decrease in the white population from 93% in 2013 to 89% in 2022. There has been a small increase in diversity, with the Asian population growing from 1% to 4% during this period.