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Affordable Housing in Zip Code 19365: Analysis of LIHTC Projects in Parkesburg, 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 19365, located in Parkesburg, Pennsylvania, contains 107 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units represent approximately 3.52% of the estimated 3,039 total housing units in the zip code. The area received $1,360,969 in LIHTC funding, averaging $12,720 per unit and accounting for 0.23% of Pennsylvania's total LIHTC allocation.
Affordable housing development in zip code 19365 spans from 1995 to 2009. The Parkesburg School project, completed in 1995, contributed 35 one-bedroom units. The Westminster Place @ Parkesburg project, completed in 2009, added 72 units, including 51 one-bedroom and 21 two-bedroom units. In total, LIHTC projects in this zip code provide 86 one-bedroom units and 21 two-bedroom units.
The population of zip code 19365 increased from 7,057 in 2013 to 7,931 in 2022, a growth of 12.4%. During the same period, the median income rose from $70,921 to $85,963, representing a 21.2% increase. The racial composition shifted slightly, with the white population decreasing from 81% to 73% and the Hispanic population increasing from 7% to 11%. The Black population remained relatively stable at 6-7%.
Despite demographic changes and income growth, no new LIHTC projects have been completed in zip code 19365 since 2009. This could be due to various factors, including potentially reduced need for additional affordable housing units or changes in funding priorities.
The LIHTC funded affordable housing in zip code 19365 represents a modest portion of the total housing stock at 3.52%. While this percentage is lower than the typical target of 15-20% for affordable housing, it is important to note that other programs may contribute to the overall affordable housing inventory in the area.
In conclusion, zip code 19365 in Parkesburg, Pennsylvania, has a limited but significant LIHTC funded affordable housing inventory. The area has experienced population growth, income increases, and slight shifts in racial composition over the past decade. However, the absence of new LIHTC projects during this period suggests potential changes in affordable housing needs or priorities in the zip code.
