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Passyunk Square: LIHTC Affordable Housing in a Changing Philadelphia Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Passyunk Square, a neighborhood in Philadelphia, Pennsylvania, contains 65 Low Income Housing Tax Credit (LIHTC) funded affordable housing units. These units represent approximately 1.76% of the estimated 3,702 housing units in the neighborhood. The LIHTC projects in Passyunk Square have received $1,226,561 in project tax credits, averaging $18,870 per unit in federal funding. The neighborhood's LIHTC funded affordable housing development spans nearly two decades, from 1994 to 2013.
The most significant LIHTC development occurred in the 2010s with the completion of St Maron Hall in 2013, which added 64 units to the affordable housing stock. This project accounts for the majority of LIHTC funded units in the area. The affordable housing inventory in Passyunk Square primarily consists of one-bedroom apartments, with 59 such units available, alongside 5 two-bedroom units and 1 three-bedroom unit.
Passyunk Square has experienced demographic changes over the past decade. The population has fluctuated moderately, with 9,663 residents recorded in 2022, a slight decrease from the peak of 10,015 in 2016. The median income has shown an overall upward trend, increasing from $54,114 in 2013 to $66,695 in 2022, with a notable spike to $86,165 in 2021.
The racial distribution in Passyunk Square has remained relatively stable, with a slight increase in diversity. The white population has marginally increased from 64% in 2013 to 66% in 2022, while the Asian population has decreased from 20% to 15% over the same period. The Hispanic population has remained fairly constant at around 10%, and the Black population has stayed at about 2-4% throughout the decade.
The absence of new LIHTC projects since 2013 may be partially attributed to the rising median income in the area, potentially indicating a reduced need for additional low-income housing. However, it is important to consider that other affordable housing programs may be addressing any remaining needs not covered by LIHTC projects.
Passyunk Square's LIHTC funded affordable housing inventory provides 65 low-income units to the community. The neighborhood has seen two LIHTC projects completed over a span of nearly two decades, with the majority of units added in 2013. The housing stock primarily consists of one-bedroom units, catering to smaller households. While demographic trends show a slight increase in median income and relative stability in racial distribution, a comprehensive assessment of affordable housing needs may require consideration of additional housing programs beyond LIHTC.
