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East Parkside's LIHTC Housing: A Significant Presence in Philadelphia's Affordable Housing Landscape
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
East Parkside, a neighborhood in Philadelphia, Pennsylvania, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood has 218 affordable housing units, all of which are designated as low-income units. Based on the 2022 population of 2,529 and an estimated 969 housing units, the LIHTC funded affordable housing covers approximately 22.5% of the neighborhood's estimated housing inventory. This percentage suggests that LIHTC projects play a substantial role in meeting the area's affordable housing needs.
The LIHTC program has provided $1,899,679 in tax credits for affordable housing projects in East Parkside. This translates to an average federal funding of about $8,714 per unit. The neighborhood has seen a consistent development of affordable housing over time, with the earliest recorded project completed in 1989 and the most recent in 2003. This 14-year span demonstrates a long-term commitment to affordable housing in the area.
The 1990s saw the most significant development of affordable housing in East Parkside, with projects like Brantwood (1993), Clover Affordable Housing (1995), and Marlton Residences (1999) being completed during this decade. The housing stock is predominantly composed of one-bedroom units (153), followed by two-bedroom (33) and three-bedroom (30) units, with a small number of efficiencies (1) and four-bedroom units (1). This distribution suggests a focus on accommodating smaller households and families.
Over the past decade, East Parkside has experienced some demographic shifts. The population has decreased from 3,515 in 2016 to 2,529 in 2022, a decline of about 28%. Despite this population decrease, the median income has seen a slight increase from $13,479 in 2016 to $16,650 in 2022, though it remains relatively low.
The racial composition of the neighborhood has remained predominantly Black, with a slight decrease from 89% in 2016 to 85% in 2022. There has been a small increase in the white population from 5% to 8% during the same period. These demographic trends, particularly the low median income, underscore the continued importance of affordable housing in the neighborhood.
East Parkside's affordable housing landscape is characterized by a significant LIHTC presence, covering over 22% of the estimated housing inventory. The neighborhood has benefited from consistent affordable housing development from the late 1980s through the early 2000s, with a concentration of projects in the 1990s. The housing stock is diverse, catering to various household sizes, with a predominance of one-bedroom units. Despite a recent population decline, the continued low median income in the area suggests an ongoing need for affordable housing options. The LIHTC program has played a crucial role in addressing this need, providing substantial federal funding to support affordable housing development in East Parkside.
