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Affordable Housing Analysis in Zip Code 44303: Three Decades of LIHTC Development in Akron, 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 44303 in Akron, Ohio, contains a modest Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area encompasses 48 affordable housing units, all of which are designated as low-income units. Based on the 2022 population of 6,504 and an estimated 2,492 housing units, the LIHTC-funded affordable housing comprises approximately 1.93% of the zip code's estimated housing inventory.
The zip code has experienced LIHTC-funded affordable housing development from 1987 to 1990, indicating over three decades of affordable housing presence. The 1980s witnessed the most activity in LIHTC-funded project completions. Notable projects include Swartz Apts, completed in 1987, and 154 S Maple St, the largest project with 41 units, completed in 1990.
The area contains three LIHTC-funded projects in total. The distribution of units across these projects varies, with 154 S Maple St being the largest at 41 units, followed by Ohio Property Mgmt & Development with 5 units, and Swartz Apts with 2 units.
Over the past decade, the population in zip code 44303 has remained relatively stable, fluctuating between 6,100 and 6,600 residents. The median income has shown an overall upward trend, increasing from $58,797 in 2013 to $67,821 in 2022, with some fluctuations in between. This increase in median income may partially explain the absence of new LIHTC projects in recent years.
The racial composition of zip code 44303 has remained predominantly white, consistently accounting for approximately 78-83% of the population over the past decade. The Black population has slightly decreased from 15% in 2013 to 13% in 2022. There have been small increases in Asian and Hispanic populations, though they remain a small percentage of the overall demographic.
Zip code 44303 in Akron, Ohio, has a small LIHTC-funded affordable housing inventory, covering just under 2% of the estimated housing stock. The area experienced LIHTC project development between 1987 and 1990, with no new projects in recent years. This could be partly attributed to the rising median income in the area. The racial composition has remained relatively stable, with a slight decrease in the Black population and small increases in Asian and Hispanic populations. These demographic trends, combined with the existing affordable housing stock, provide insight into the current affordable housing landscape in this zip code.
