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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 19520, encompassing Elverson, Pennsylvania, has a population of 6,794 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded affordable housing in this area, contributing 71 low-income units to the local housing inventory. Based on the estimated 2,603 housing units, LIHTC-funded affordable housing comprises approximately 2.73% of the zip code's housing inventory.
The LIHTC program has invested $1,671,182 in tax credits for affordable housing projects in zip code 19520. This equates to an average federal funding of $23,537 per unit. This zip code accounts for 0.28% of the total LIHTC funding allocated to Pennsylvania. The affordable housing in this zip code is represented by a single project, Hopewell Village, completed in 2011. This project initiated LIHTC-funded affordable housing in the area, providing 71 one-bedroom units for low-income residents.
The population in zip code 19520 has increased from 6,316 in 2010 to 6,794 in 2022. The median income has risen from $77,492 in 2013 to $95,394 in 2022, indicating an improvement in economic conditions. The racial composition has remained relatively stable, with a slight decrease in the white population from 95% in 2013 to 92% in 2022. There has been a small increase in diversity, particularly in the Hispanic population, which grew from 1% in 2013 to 5% in 2022.
Despite the rising median income, the presence of LIHTC-funded housing suggests a continued need for affordable housing options in the community, possibly to support the growing diversity and ensure housing accessibility for various income levels.
The LIHTC program has made a modest contribution to the affordable housing inventory in zip code 19520, with one project providing 71 low-income units. This represents a small percentage of the estimated housing stock but plays a role in addressing affordable housing needs in the community. The area has experienced population growth and significant income increases over the past decade, alongside a slight increase in racial diversity. These demographic shifts highlight the ongoing importance of maintaining and potentially expanding affordable housing options to ensure a balanced and inclusive community.