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Affordable Housing Analysis in Cuyahoga Falls, Ohio: Zip Code 44223's Unique LIHTC Project
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 44223 in Cuyahoga Falls, Ohio, features a distinctive Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area contains 72 affordable units, all of which are classified as low-income units. These units represent approximately 0.88% of the zip code's estimated total housing inventory of 8,177 units.
The LIHTC program has allocated $392,443 in tax credits for affordable housing projects in zip code 44223. This equates to an average federal funding of $5,451 per unit. The zip code's allocation accounts for 0.09% of Ohio's total LIHTC funding.
Pleasant Meadows Village, completed in 2000, is the only LIHTC funded project in zip code 44223. This development has provided affordable housing options to the community for over two decades. The project comprises 72 units, consisting of 16 two-bedroom and 56 three-bedroom apartments, accommodating families of varying sizes.
Demographic trends in zip code 44223 show fluctuations over the past decade. The population increased slightly from 20,068 in 2019 to 21,343 in 2022. The median income also rose from $71,040 in 2019 to $72,768 in 2022, indicating a gradual improvement in economic conditions.
Racial demographics in zip code 44223 have remained relatively stable, with a minor decrease in the white population from 90% in 2019 to 85% in 2022. There has been a slight increase in diversity, with small growth in Asian, Black, Hispanic, and multiracial populations. This demographic shift may suggest a growing need for diverse housing options to accommodate various cultural backgrounds.
Zip code 44223 in Cuyahoga Falls presents a unique case of LIHTC funded affordable housing. The single project providing 72 low-income units represents a small but significant portion of the area's housing inventory. The investment of $392,443 in tax credits demonstrates a commitment to affordable housing, albeit on a limited scale. As demographic trends show a slight increase in population and income levels, along with growing diversity, the area may require further assessment of affordable housing needs to ensure it keeps pace with changing community dynamics.
