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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 19003, located in Ardmore, Pennsylvania, features a unique Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area contains 53 affordable units, all of which are designated as low-income units. Based on the 2022 population of 14,726 and an estimated 5,642 housing units, the LIHTC funded affordable housing covers approximately 0.94% of the zip code's estimated housing inventory.
The LIHTC program has invested $580,785 in tax credits for affordable housing projects in this zip code. This translates to an average federal funding of $10,958 per unit. This investment represents 0.1% of Pennsylvania's total LIHTC funding allocation.
The affordable housing landscape in zip code 19003 is characterized by a single project, Ardmore Crossing Apartments, completed in 2006. This project has been providing affordable housing options in the area for over 15 years. All 53 units in this development are one-bedroom apartments, catering to individuals or small households in need of affordable housing.
Over the past decade, zip code 19003 has experienced some demographic shifts. The population has grown from 13,459 in 2013 to 14,726 in 2022, indicating a steady increase in residents. Median income has also risen significantly, from $93,278 in 2013 to $106,990 in 2022, suggesting overall economic growth in the area.
Racial distribution has remained relatively stable, with a slight increase in diversity. The white population decreased marginally from 76% in 2013 to 77% in 2022, while the Asian population increased from 4% to 6%. The Black population decreased from 11% to 6%, and the Hispanic population remained relatively constant at around 5%.
Despite the population growth and rising median income, no new LIHTC projects have been developed in the last decade. This could be due to the area's increasing affluence, which may have reduced the perceived need for additional affordable housing units.
Zip code 19003 in Ardmore, Pennsylvania, has a modest LIHTC funded affordable housing inventory, consisting of 53 one-bedroom units in a single project completed in 2006. While this represents less than 1% of the estimated housing stock, it has provided consistent affordable housing options for over 15 years. The area has experienced population growth and significant income increases over the past decade, which may have influenced the lack of new LIHTC developments. As the community continues to evolve, ongoing assessment of affordable housing needs will be crucial to ensure a balanced housing market for all income levels.