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Affordable Housing Analysis in Zip Code 44241: LIHTC Investments and Demographic Trends
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 44241 in Streetsboro, Ohio, demonstrates a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area contains 87 total units in LIHTC-funded projects, with 59 of these designated as low-income units. Based on the 2022 population of 17,848 and an estimated 6,838 housing units, the LIHTC-funded affordable housing represents approximately 1.27% of the zip code's estimated housing inventory.
The LIHTC program has invested $298,845 in tax credits for affordable housing projects in this zip code. This translates to an average federal funding of about $3,435 per unit. Notably, this zip code accounts for 0.07% of Ohio's total LIHTC funding allocation.
Affordable housing has been present in this zip code since 1995, with the completion of Streetsboro Village Square. The most recent project, Maplewood Village, was completed in 2009, indicating a 14-year span of LIHTC development activity. The 1990s saw the most significant affordable housing development in this area.
The inventory comprises a mix of unit types, with 31 one-bedroom, 28 two-bedroom, and 28 three-bedroom units. This diverse range caters to various household sizes and needs within the community.
Over the past decade, the zip code has experienced steady population growth, increasing from 15,958 in 2013 to 17,848 in 2022. The median income has fluctuated, reaching a peak of $84,143 in 2021 before decreasing to $63,676 in 2022. This recent drop in median income could potentially indicate an increased need for affordable housing options.
Racial demographics have remained relatively stable, with a slight decrease in the white population from 89% in 2013 to 85% in 2022, and minor increases in other racial groups. The Black population has shown a small increase from 6% to 7% during this period.
Despite these demographic shifts, no new LIHTC projects have been developed in the last decade. This could be due to various factors, including changes in local housing policies, funding priorities, or market conditions.
Zip code 44241 has a modest LIHTC-funded affordable housing inventory, representing about 1.27% of the estimated housing stock. The area received nearly $300,000 in tax credits, supporting 87 total units across two projects completed between 1995 and 2009. While the population has grown and income levels have fluctuated over the past decade, no new LIHTC developments have been added recently. The existing affordable housing stock offers a mix of unit sizes, potentially serving diverse household needs in the community.
