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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 18508 in Scranton, Pennsylvania, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 58 affordable units, all designated as low-income. Based on an estimated housing inventory of 4,416 units, LIHTC-funded affordable housing comprises approximately 1.31% of the total housing stock in this zip code.
The LIHTC program has invested $1,435,594 in project tax credits in zip code 18508. This equates to an average federal funding of $24,752 per unit. This zip code accounts for 0.24% of the total LIHTC funding allocated to Pennsylvania, indicating a focused investment in affordable housing in this area.
Zip code 18508 has two LIHTC-funded projects: Goodwill At North and Delaware Tower Apts. Goodwill At North, completed in 2015, is the most recent addition to the affordable housing inventory, providing 58 units, including 52 one-bedroom and 6 two-bedroom apartments.
The unit distribution in LIHTC-funded projects in zip code 18508 primarily focuses on smaller households, with 89.7% one-bedroom units and 10.3% two-bedroom units. This configuration suggests an emphasis on accommodating individuals or small families in the area's affordable housing offerings.
Zip code 18508 has experienced demographic shifts over the past decade that may correlate with LIHTC project development. The population decreased slightly from 11,560 in 2015 to 11,527 in 2022. The median income increased from $38,287 in 2015 to $40,177 in 2022, potentially indicating a growing need for affordable housing options.
Racial demographics in zip code 18508 have evolved during this period. The white population decreased from 78% in 2015 to 76% in 2022, while the Hispanic population increased from 13% to 15%. The black population remained relatively stable at 5-6%. These changes in racial composition may reflect shifting housing needs and could have influenced the development of affordable housing projects in the area.
Zip code 18508 in Scranton, Pennsylvania, demonstrates a focused effort to provide affordable housing through the LIHTC program. With 58 low-income units across two projects, the area has received significant federal investment, accounting for a notable portion of the state's LIHTC funding. The housing stock primarily caters to smaller households, with a predominance of one-bedroom units. The LIHTC-funded affordable housing represents an important contribution to meeting the area's affordable housing needs. The demographic trends over the past decade provide context for the ongoing development of affordable housing in this zip code.