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Affordable Housing Analysis in Zip Code 43004: LIHTC Funding and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 43004 in Columbus, Ohio, contains a significant number of Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. The area has 920 total units in LIHTC-funded projects, with 904 designated as low-income units. Based on the 2022 population of 30,106 and an estimated 11,535 housing units, LIHTC-funded affordable housing represents approximately 7.97% of the zip code's housing inventory.
The LIHTC projects in zip code 43004 have received $2,362,462 in tax credits, averaging about $2,568 per unit in federal funding. This zip code accounts for 0.56% of the total LIHTC funding allocated to Ohio, indicating a substantial investment in affordable housing for the area.
Affordable housing has been present in this zip code since 1991, with the completion of Woods At McNeil Farm. The most recent project, Waggoner Woods, was completed in 2003, demonstrating over a decade of affordable housing development. The 1990s saw the most activity, with four projects completed during this period.
The LIHTC-funded housing in zip code 43004 offers a diverse range of unit types. There are 123 one-bedroom units, 422 two-bedroom units, 154 three-bedroom units, and 5 four-bedroom units. This distribution suggests a focus on accommodating families of various sizes, with a particular emphasis on two-bedroom units.
Over the past decade, zip code 43004 has experienced significant population growth, increasing from 23,374 in 2015 to 30,106 in 2022. This 28.8% growth may indicate an increasing demand for housing, including affordable options.
Median income in zip code 43004 has fluctuated, reaching a peak of $94,913 in 2021 before decreasing to $89,749 in 2022. This recent decline could potentially increase the need for affordable housing options.
The racial composition of zip code 43004 has become more diverse over the past decade. The percentage of white residents decreased from 67% in 2015 to 52% in 2022, while the Asian population increased from 2% to 11%. The Black population remained relatively stable, shifting from 23% to 25%. This increasing diversity may reflect changing housing needs and preferences in the community.
Zip code 43004 in Columbus, Ohio, has a significant LIHTC-funded affordable housing presence, covering nearly 8% of the estimated housing inventory. The area has seen steady development of affordable housing projects from 1991 to 2003, with a focus on diverse unit types to accommodate various household sizes. The zip code has experienced substantial population growth and increasing diversity over the past decade, which may influence future affordable housing needs. Ongoing assessment of community needs will be crucial to ensure adequate housing options for all residents.
