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The Multifaceted Impact of LIHTC-Funded Affordable Housing in Philadelphia's Cobbs Creek 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
Cobbs Creek, a neighborhood in Philadelphia, Pennsylvania, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory consists of 655 total units, with 491 designated as low-income units. Based on the 2022 population of 39,742 and using the national average household size of 2.61, the estimated housing inventory is approximately 15,227 units. The LIHTC funded affordable housing covers about 4.3% of the neighborhood's estimated housing stock.
The LIHTC program has invested $5,577,452 in project tax credits for Cobbs Creek's affordable housing initiatives. This translates to an average federal funding of $8,515 per unit across all LIHTC-funded projects in the neighborhood.
Affordable housing has been a long-standing feature in Cobbs Creek, with the earliest LIHTC projects dating back to 1988. The most recent project completion was in 2007, indicating nearly two decades of LIHTC-funded housing development. The late 1980s and early 1990s saw significant activity, with multiple projects like "5952 Osage Ave," "827 S 56Th St," and "Brighton Court Apts" being completed in 1988 alone. The 2000s also witnessed considerable development, with projects such as "Neighborhood Restoration XII" and "Ruby Housing" completed in 2003.
The LIHTC-funded housing in Cobbs Creek offers a diverse range of unit types. Out of the 655 total units, there are 13 efficiencies, 106 one-bedroom units, 137 two-bedroom units, 324 three-bedroom units, and 64 four-bedroom units. This distribution suggests a focus on accommodating families of various sizes, with a particular emphasis on larger households given the high number of three-bedroom units.
Over the past decade, Cobbs Creek has experienced some demographic shifts. The population has remained relatively stable, with a slight increase from 39,265 in 2014 to 39,742 in 2022. Median income has shown a positive trend, rising from $28,044 in 2014 to $36,551 in 2022, indicating improving economic conditions for residents.
Racial demographics have also evolved. While the neighborhood remains predominantly Black, the percentage has decreased from 91% in 2014 to 81% in 2022. Concurrently, there has been a slight increase in diversity, with the White population growing from 2% to 7%, and the Hispanic population increasing from 1% to 4% during this period.
Despite these demographic changes, no new LIHTC projects have been completed in Cobbs Creek since 2007. This could suggest that the existing affordable housing stock, combined with other potential affordable housing programs not captured in this data, may be meeting the current needs of the community.
Cobbs Creek's LIHTC-funded affordable housing inventory represents a significant investment in the neighborhood's housing landscape. With 655 total units and 491 low-income units, these projects cover about 4.3% of the estimated housing stock. The neighborhood has benefited from LIHTC investments for nearly two decades, with a diverse range of unit types catering to various household sizes. While demographic shifts have occurred in recent years, including population stability and increasing median income, the absence of new LIHTC projects since 2007 may indicate that current affordable housing needs are being met through existing inventory and potentially other programs not reflected in this data.
