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Pennsport's Affordable Housing: Single LIHTC Project Amidst Demographic Changes
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Pennsport, a neighborhood in Philadelphia, Pennsylvania, has a limited Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The neighborhood has a total of 1 affordable unit, which is also the single low-income unit. Based on the 2022 population of 7,253 and using the national average household size of 2.61, there are approximately 2,779 housing units in Pennsport. The LIHTC funded affordable housing covers only about 0.04% of the estimated housing inventory in the neighborhood, indicating a very small proportion of affordable housing through this program.
The single LIHTC project in Pennsport received $459 in project tax credits. With only one unit, this translates to an average federal funding of $459 per unit through the LIHTC program. The sole LIHTC funded project in the neighborhood is the 345 Emily St Project, completed in 1997. This project has been providing affordable housing in Pennsport for over 25 years.
The 345 Emily St Project consists of one two-bedroom unit. This indicates that the LIHTC funded affordable housing in Pennsport is geared towards small families or individuals who require more space than a studio or one-bedroom apartment.
Over the past decade, Pennsport has experienced demographic changes. The population has shown slight fluctuations, peaking at 7,619 in 2018 and settling at 7,253 in 2022. Median income has seen a significant increase, rising from $58,240 in 2013 to $79,260 in 2022, representing a 36% increase over this period.
Regarding racial distribution, Pennsport has remained predominantly white, with the percentage of white residents slightly decreasing from 81% in 2013 to 76% in 2022. There has been a small increase in diversity, with slight growth in the Black population (from 3% to 7%) and the two or more races category (from 1% to 5%) over this period.
The lack of new LIHTC projects in the last decade, coupled with the rising median income, suggests that the neighborhood may have experienced gentrification or economic growth that potentially reduced the perceived need for additional low-income housing through this specific program.
Pennsport's LIHTC funded affordable housing inventory is minimal, with only one unit built in 1997. This represents a very small fraction of the estimated housing stock in the neighborhood. Over the past decade, the neighborhood has seen a significant increase in median income and slight changes in racial diversity. The absence of new LIHTC projects in recent years, combined with rising incomes, suggests changing economic dynamics in the neighborhood. However, other affordable housing programs not captured in this data may be contributing to the neighborhood's overall affordable housing stock.
