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Affordable Housing Analysis in Zip Code 45154: Three Decades of LIHTC Development in Mount Orab, 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 45154, encompassing Mount Orab in Ohio, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This zip code has 139 affordable units, all of which are designated as low-income units. These units constitute approximately 3.76% of the estimated 3,695 total housing units in the zip code.
The LIHTC program has allocated $748,709 in tax credits for affordable housing projects in zip code 45154. This equates to an average federal funding of $5,386 per unit. The zip code accounts for 0.18% of the total LIHTC funding allocated to the state of Ohio.
Affordable housing has been present in this community for over three decades. The first LIHTC project, Scottwood Commons II, was completed in 1989. The most recent addition to the affordable housing inventory is Ashley Grove Senior Residence, completed in 2015. The 2000s and 2010s experienced the most significant affordable housing development activity in this zip code.
The LIHTC funded projects in zip code 45154 offer a variety of unit types, including 23 one-bedroom units, 52 two-bedroom units, and 16 three-bedroom units. This range of unit sizes accommodates various household compositions within the low-income population.
The population in zip code 45154 has remained relatively stable over the past decade, fluctuating between 8,934 and 9,645 residents. During this period, the median income has increased significantly, rising from $46,997 in 2015 to $69,824 in 2022. This upward trend in median income may indicate a changing economic landscape in the area.
The racial composition of zip code 45154 has remained predominantly white, consistently accounting for about 96-97% of the population throughout the past decade. A slight increase in diversity has occurred, with small percentages of Asian, Black, and multiracial residents emerging in recent years.
The LIHTC program has been instrumental in providing affordable housing in zip code 45154, with 139 low-income units across three projects spanning from 1989 to 2015. While these units represent a small portion of the estimated housing inventory, they contribute to addressing affordable housing needs in the area. The zip code has experienced a notable increase in median income over the past decade, which may influence future affordable housing needs and development strategies. The consistent racial composition and stable population suggest a relatively steady community demographic, within which the LIHTC projects continue to serve an important function.
