Philadelphia's LIHTC Program: Three Decades of Affordable Housing Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
DATA SOURCE
Philadelphia has a substantial Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city's LIHTC program has produced 13,503 total units, with 11,493 designated as low-income units. This represents approximately 2.25% of the city's estimated housing stock of 600,482 units.
The LIHTC program in Philadelphia has received $142,115,355 in project tax credits for affordable housing. With approximately 528 projects, this translates to an average federal funding of $269,158 per project and $10,525 per unit. Philadelphia holds 23.79% of the total state LIHTC funding, indicating its significant role in Pennsylvania's affordable housing initiatives.
LIHTC projects in Philadelphia date back to 1987, with the most recent project in the data completed in 2020. This demonstrates over three decades of affordable housing development in the city. The 1990s saw a substantial increase in LIHTC projects.
The LIHTC-funded housing stock in Philadelphia offers a range of unit types. There are 1,113 efficiencies, 4,767 one-bedroom units, 2,814 two-bedroom units, 2,628 three-bedroom units, and 614 four-bedroom units. This distribution caters to various household sizes within the low-income population.
Some LIHTC projects in Philadelphia target specific populations. The Impact Veterans and Family Housing project (2015) and the Edison 64 Veterans Community (2019) serve veterans. A project at 1315 North 8th St (2019) targets young adults. These specialized projects address the needs of vulnerable populations within the affordable housing framework.
Philadelphia's population has increased from 1,528,306 in 2010 to 1,567,258 in 2022. The median income has risen from $36,836 in 2013 to $56,517 in 2022. However, this increase may not reflect the economic situation of those needing affordable housing.
Racial distribution in Philadelphia has shown slight shifts over the past decade. The Black population decreased from 42% in 2013 to 39% in 2022, while the Hispanic population increased from 13% to 16%. The Asian population remained stable at 7-8%, and the White population decreased from 36% to 33%.
Philadelphia's LIHTC program has significantly contributed to the city's affordable housing stock, with over 13,000 units developed over more than three decades. The program has provided diverse housing options and targeted specific populations. While LIHTC-funded units represent a small percentage of the city's total housing inventory, they play a crucial role in addressing affordable housing needs. The city's demographic trends underscore the ongoing importance of affordable housing initiatives in Philadelphia.
