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Affordable Housing in Zip Code 16673: LIHTC Project Analysis for Roaring Spring, Pennsylvania
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 16673, located in Roaring Spring, Pennsylvania, has a population of 6,037 as of 2022. This area has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, providing a total of 58 affordable units, all of which are designated as low-income units. Based on the estimated housing inventory of 2,313 units for the zip code, the LIHTC-funded affordable housing covers approximately 2.5% of the area's housing stock.
The LIHTC project in zip code 16673 received $105,583 in tax credits, averaging about $1,820 per unit in federal funding. This represents 0.02% of Pennsylvania's total LIHTC funding, indicating a relatively small allocation for this specific area.
The sole LIHTC project in the zip code, Roaring Springs Commons, was completed in 1994. This suggests that affordable housing has been present in the area for nearly three decades. The project consists of 58 units, with a mix of one-bedroom (6 units), two-bedroom (46 units), and three-bedroom (6 units) apartments, providing options for various household sizes.
Over the past decade, the zip code's population has seen a slight decline, from 6,492 in 2015 to 6,037 in 2022. During this period, the median income has increased from $49,022 in 2015 to $57,859 in 2022, indicating a growing economic stability in the area.
The racial composition of zip code 16673 has remained relatively stable, with the white population consistently representing about 95-97% of residents. There has been a small increase in Hispanic residents, from 0% in 2015 to 2% in 2022, and a slight increase in residents identifying as two or more races, from 1% to 2% over the same period.
Despite the population decrease, the rising median income and stable racial composition suggest that the demand for additional affordable housing may not have significantly increased since the completion of Roaring Springs Commons in 1994.
The zip code 16673 has a single LIHTC-funded affordable housing project that has been serving the community for nearly 30 years. While it covers a small percentage of the area's estimated housing stock, it provides 58 low-income units with a mix of apartment sizes. The area has experienced a slight population decline and income growth over the past decade, which may have influenced the lack of additional LIHTC projects. The stable demographic composition suggests that the existing affordable housing project continues to play a role in meeting the community's needs, though further assessment may be necessary to determine if additional affordable housing is required through LIHTC or other programs.
