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Affordable Housing Trends in East Oak Lane: A Three-Decade Perspective
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
East Oak Lane, a neighborhood in Philadelphia, Pennsylvania, has a population of 11,193 as of 2022. The neighborhood's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprises 36 total units, all of which are designated as low-income units. Based on the estimated housing inventory of 4,289 units, the LIHTC funded affordable housing represents approximately 0.84% of the neighborhood's housing stock.
The LIHTC program has invested $166,019 in tax credits for affordable housing projects in East Oak Lane. This equates to an average federal funding of about $4,612 per unit. The neighborhood has had LIHTC funded affordable housing since 1989, with the completion of Queens Court Apartments. The most recent project, 6907 N Broad St, was completed in 1994, indicating a span of at least 5 years of affordable housing presence in the area.
The 1980s saw the most affordable housing development in East Oak Lane, with Queens Court Apartments being the largest project, providing 32 units. The inventory primarily consists of two-bedroom units, with 24 such units across the projects, and one one-bedroom unit. This distribution suggests a focus on accommodating small families or couples in the affordable housing stock.
Over the past decade, East Oak Lane's population has remained relatively stable, fluctuating between 10,859 and 11,732 residents. The median income has shown an overall upward trend, increasing from $48,736 in 2017 to $59,499 in 2022. This rise in median income could potentially indicate a decreasing need for affordable housing in the area.
Racial demographics have remained fairly consistent, with the Black population comprising the majority (around 70-76%) throughout the decade. There have been slight increases in the Hispanic and multi-racial populations, while the Asian population has seen a small decrease.
East Oak Lane's LIHTC funded affordable housing inventory, while modest in size, has been a part of the neighborhood's housing landscape for over three decades. The existing projects focus on providing two-bedroom units, potentially catering to small families. Despite the lack of recent LIHTC developments, the neighborhood has experienced a gradual increase in median income, which might suggest changing housing needs. The stable population and consistent racial demographics indicate a relatively steady community composition over the past decade.
