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Affordable Housing in Zip Code 19348: LIHTC-Funded Projects in Kennett Square, Pennsylvania
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 19348, located in Kennett Square, Pennsylvania, contains a notable inventory of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. This area has a total of 187 units in LIHTC-funded projects, with 186 of these units designated as low-income. Based on an estimated 9,032 housing units in the zip code, LIHTC-funded affordable housing comprises approximately 2.07% of the housing inventory.
The LIHTC projects in zip code 19348 have received $2,873,343 in tax credits, averaging about $15,365 in federal funding per unit. This zip code accounts for 0.48% of Pennsylvania's total LIHTC funding, indicating a moderate concentration of affordable housing investment in this area.
Affordable housing has been present in zip code 19348 since at least 2003, with the completion of Cedar Woods Apts. The most recent project, Granite Ridge II, was completed in 2015, demonstrating over a decade of affordable housing development. The 2010s saw the most affordable housing activity, with two projects completed during this period.
The LIHTC-funded housing inventory in zip code 19348 consists of 12 one-bedroom units, 59 two-bedroom units, and 80 three-bedroom units. This distribution suggests a focus on accommodating families and larger households.
Over the past decade, zip code 19348 has experienced moderate population growth, increasing from 21,878 in 2013 to 23,574 in 2022. The median income has also risen, from $103,092 in 2013 to $107,208 in 2022, indicating a generally affluent area. Despite this prosperity, the presence of LIHTC projects demonstrates a recognized need for affordable housing options.
Racial demographics in zip code 19348 have remained relatively stable, with a slight decrease in the white population (from 72% in 2013 to 70% in 2022) and small increases in Asian and Black populations. The Hispanic population has decreased slightly from 22% to 20% during this period. These changes, while modest, may reflect a growing diversity that could influence future affordable housing needs.
Zip code 19348 in Kennett Square, Pennsylvania, has a small but significant LIHTC-funded affordable housing inventory, covering about 2.07% of the estimated housing units. The area has seen consistent investment in affordable housing over more than a decade, with a focus on family-sized units. While the zip code is relatively affluent, the presence of these LIHTC projects indicates an ongoing commitment to providing housing options for lower-income residents. The demographic trends suggest a slowly diversifying population, which may impact future affordable housing needs in the area.
