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Affordable Housing in Zip Code 19107: A Two-Decade LIHTC Investment Analysis
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 19107 in Philadelphia, Pennsylvania, contains a notable affordable housing inventory funded by the Low-Income Housing Tax Credit (LIHTC) program. This area encompasses 217 units in LIHTC-funded projects, with 190 designated as low-income units. The LIHTC-funded affordable housing represents approximately 3.7% of the total housing stock, based on an estimated 5,823 housing units in the zip code.
The LIHTC projects in zip code 19107 have received $2,131,456 in tax credits, averaging about $9,822 per unit. This allocation constitutes 0.36% of the total LIHTC funding distributed to Pennsylvania, indicating a significant investment in affordable housing for this specific area.
The affordable housing presence in zip code 19107 spans several decades. The earliest recorded LIHTC project, Art Apts, was completed in 1990, while the most recent, William Way Senior Residences, was finished in 2013. This 23-year span demonstrates a sustained commitment to affordable housing in the area. The 2000s witnessed the most activity, with projects such as Washington Square West completed in 2007.
The LIHTC-funded housing in zip code 19107 offers a diverse range of unit types. Of the 217 total units, there are 8 efficiencies, 161 one-bedroom units, 43 two-bedroom units, 4 three-bedroom units, and 1 four-bedroom unit. This distribution indicates a focus on smaller households, with a significant majority being one-bedroom apartments.
Over the past decade, zip code 19107 has experienced steady population growth, increasing from 12,064 in 2013 to 15,199 in 2022. This 26% population increase has been accompanied by a rise in median income, from $53,340 in 2013 to $75,829 in 2022, representing a 42% increase.
The racial composition of zip code 19107 has remained relatively stable, with a slight decrease in the white population (from 60% to 53%) and small increases in Black (10% to 14%) and Asian (23% to 22%) populations. The Hispanic population has remained constant at around 6-7%.
Despite the population growth and rising median income, no new LIHTC projects have been recorded in zip code 19107 since 2013. This could be attributed to the increasing affluence of the area, potentially reducing the perceived need for additional affordable housing units.
Zip code 19107 in Philadelphia has a modest LIHTC-funded affordable housing inventory, covering about 3.7% of the estimated housing stock. The area has seen significant investment in affordable housing over the years, with projects spanning from 1990 to 2013. The housing mix is predominantly one-bedroom units, suggesting a focus on smaller households. While the population and median income have grown substantially over the past decade, there has not been any recorded LIHTC development since 2013. This analysis provides insight into the affordable housing landscape of zip code 19107, reflecting both historical investments and current demographic trends.
