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Affordable Housing Analysis in Zip Code 43605: Three Decades of LIHTC Projects in Toledo, Ohio
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 43605 in Toledo, Ohio, contains 29 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units represent approximately 0.3% of the estimated 9,586 housing units in the area, based on the 2022 population of 25,020 and the national average household size of 2.61. The LIHTC projects in this zip code have received $497,806 in tax credits, averaging $17,166 per unit and accounting for 0.12% of Ohio's total LIHTC allocation.
Affordable housing has been present in zip code 43605 for at least three decades. The first LIHTC project, White Street, was completed in 1992, while the most recent project, Southeast Toledo Homes, was finished in 2007. The 2000s saw the largest development with Southeast Toledo Homes contributing 28 units to the inventory. The housing mix in these LIHTC projects is predominantly four-bedroom units, with 28 such units available.
Over the past decade, zip code 43605 has experienced a gradual population decline, from 27,911 in 2013 to 25,020 in 2022. Despite this decrease, the median income has shown an overall upward trend, rising from $26,670 in 2013 to $31,477 in 2022. This increase in median income could potentially impact the demand for affordable housing in the area.
The racial composition of zip code 43605 has undergone changes. The white population has decreased from 65% in 2013 to 56% in 2022, while the Black population has increased from 9% to 15% during the same period. The Hispanic population has remained relatively stable, fluctuating between 17% and 21%. The percentage of residents identifying as two or more races has also increased from 3% to 8%. These demographic shifts may influence the need for diverse and culturally sensitive affordable housing options.
Zip code 43605 in Toledo, Ohio, has a small but established LIHTC-funded affordable housing presence, with projects dating back to 1992. The area has seen modest investment in affordable housing, representing 0.12% of Ohio's LIHTC allocation. While the population has been declining, median incomes have risen, and the racial composition has become more diverse. These demographic changes may impact future affordable housing needs and development strategies in the zip code.
