Loading Content...
Affordable Housing Analysis in Mount Gilead, Ohio: Zip Code 43338's LIHTC Funded Inventory
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 43338, encompassing Mount Gilead, Ohio, possesses a distinct Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area contains 75 affordable units, all categorized as low-income units. Based on the 2022 population of 9,214 and an estimated 3,530 housing units in the zip code, LIHTC funded affordable housing comprises approximately 2.12% of the estimated housing inventory.
The LIHTC projects in zip code 43338 have received $733,001 in project tax credits, equating to an average of $9,773 in federal funding per unit. This funding represents 0.17% of the total state LIHTC allocation, indicating a relatively small but significant investment in affordable housing for this area.
The initial LIHTC project in the zip code, Brookhaven Apts, was completed in 1991, while the most recent project, Chartwell Greene, Lockwood Greene & Lockwood Station, was finished in 2007. This demonstrates a 16-year span of affordable housing development in the area. The 2000s witnessed the most substantial affordable housing development, with the largest project being completed in 2007.
The affordable housing inventory in zip code 43338 consists primarily of larger units. There is 1 two-bedroom unit, 33 three-bedroom units, and 29 four-bedroom units. This distribution suggests a focus on accommodating families or larger households.
Over the past decade, the population in zip code 43338 has remained relatively stable, with minor fluctuations. The median income has shown an upward trend, increasing from $53,816 in 2017 to $68,848 in 2022. This rise in median income could potentially impact the demand for affordable housing in the area.
The racial composition of zip code 43338 has remained predominantly white, with a slight decrease from 98% in 2017 to 93% in 2022. There has been a small increase in diversity, with slight growth in Asian, Black, and Hispanic populations, as well as those identifying as two or more races.
The LIHTC funded affordable housing in zip code 43338 represents a small but important portion of the local housing inventory. The area has seen two significant projects developed over a 16-year period, with a focus on larger units suitable for families. While the affordable housing stock covers only about 2.12% of the estimated housing inventory, it is important to note that other housing programs may contribute to the overall affordable housing landscape. The increasing median income and slight diversification of the population in recent years may influence future affordable housing needs and development in this area.
