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Affordable Housing Analysis in Zip Code 45240: LIHTC Projects in Forest Park, 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 45240 in Forest Park, Ohio, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area has 290 total units in LIHTC-funded projects, with 173 designated as low-income units. Based on the 2022 population of 28,238 and an estimated housing inventory of 10,819 units, LIHTC-funded affordable housing represents approximately 2.68% of the zip code's housing stock.
The LIHTC projects in zip code 45240 have received $286,931 in tax credits, averaging about $989 per unit in federal funding. This zip code accounts for 0.07% of Ohio's total LIHTC funding, indicating a modest contribution to the state's affordable housing efforts.
The first LIHTC project in the area, Winton House, was completed in 1989, while the most recent, Burney View Apartments, was finished in 2003. This 14-year span demonstrates a sustained commitment to affordable housing development in the zip code. The 1990s saw the most activity, with Pleasant Run Apartments completed in 1998.
The housing mix in LIHTC projects includes 24 one-bedroom units, 99 two-bedroom units, and 58 three-bedroom units, offering options for different household sizes. There are no efficiency or four-bedroom units reported in these projects.
Over the past decade, the zip code's population has remained relatively stable, fluctuating between about 26,000 and 28,000 residents. The median income has shown some volatility, peaking at $64,636 in 2021 before decreasing to $60,649 in 2022. This fluctuation may indicate ongoing economic challenges for some residents, potentially maintaining the need for affordable housing.
Racial demographics have shifted somewhat, with the Black population decreasing from 60% to 55% between 2013 and 2022, while the Hispanic population has grown from 4% to 10%. The Asian population has remained steady at around 3-4%. These changes in racial composition may influence the diverse housing needs of the community.
Zip code 45240 has an established LIHTC-funded affordable housing inventory, developed from 1989 to 2003. While these units represent a small percentage of the overall housing stock, they provide affordable options for low-income residents. The area's demographic trends, including income fluctuations and racial composition changes, suggest an ongoing need for diverse and affordable housing solutions. The existing LIHTC projects contribute to meeting this need, though they may not fully address the entire demand for affordable housing in the zip code.
