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Affordable Housing Analysis in Zip Code 44117: A Significant LIHTC Presence in Euclid, 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
The zip code 44117 in Euclid, Ohio exhibits a substantial presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area contains 868 affordable housing units, all of which are classified as low-income units. Based on the 2022 population of 10,509 and an estimated 4,026 housing units in the zip code, LIHTC funded affordable housing comprises approximately 21.6% of the estimated housing inventory. This indicates a considerable contribution to addressing affordable housing needs in the area.
LIHTC projects in zip code 44117 have received $1,371,760 in project tax credits, averaging about $1,580 in federal funding per unit. This zip code accounts for 0.32% of Ohio's total LIHTC funding, suggesting a notable concentration of affordable housing investment in this area. Affordable housing has been present in this zip code since at least 1994, with the completion of Summerwood Commons. The most recent project, Euclid Hill Villa, was completed in 2004, spanning a decade of affordable housing development. The 1990s experienced the highest number of affordable housing project completions in this area.
The housing inventory includes a variety of unit types, consisting of 18 efficiencies, 448 one-bedroom units, and 127 two-bedroom units. This distribution indicates a focus on housing for smaller households or individuals.
Over the past decade, the population of zip code 44117 has remained relatively stable, fluctuating between 10,500 and 11,200 residents. Median income has demonstrated an upward trend, increasing from $31,893 in 2015 to $38,490 in 2022. This may indicate improving economic conditions for residents.
The racial composition of the area has remained predominantly Black, with the percentage ranging from 67% to 74% over the past decade. The white population has slightly decreased from 28% in 2013 to 22% in 2022. These demographic trends suggest a stable community with a consistent need for affordable housing options.
Zip code 44117 in Euclid, Ohio demonstrates a significant commitment to affordable housing through LIHTC funded projects. With 868 low-income units covering over 21% of the estimated housing inventory, this area appears to be meeting a substantial portion of its affordable housing needs. The mix of unit types, consistent demographic composition, and gradual increase in median income over the past decade indicate a stable community with ongoing affordable housing requirements. The concentration of LIHTC funding in this zip code, representing 0.32% of Ohio's total, underscores the importance of affordable housing in this area.
