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Affordable Housing Analysis in Zip Code 45424: Two Decades of LIHTC Investments in Huber Heights, 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 45424, located in Huber Heights, Ohio, contains 292 total units in Low-Income Housing Tax Credit (LIHTC) funded projects, with 184 designated as low-income units. Based on the 2022 population of 49,862 and an estimated 19,104 housing units, LIHTC-funded affordable housing represents approximately 1.53% of the zip code's estimated housing inventory.
The LIHTC program has invested $2,403,024 in tax credits in this zip code, averaging about $8,230 per unit across all LIHTC-funded projects. This zip code accounts for 0.57% of Ohio's total LIHTC funding allocation, indicating a substantial investment in affordable housing for the area.
Affordable housing has been present in this zip code for over two decades. The first LIHTC project, Timber Ridge Apartments, was completed in 1997, while the most recent addition, Riverworks Lofts, was finished in 2019. The late 1990s saw the most activity, with three projects completed between 1997 and 1999, including Riverside Commons and Riverside Commons II.
The housing mix in LIHTC-funded projects is diverse, catering to various household sizes. The inventory includes 24 one-bedroom units, 203 two-bedroom units, and 64 three-bedroom units, providing options for different family configurations.
Over the past decade, zip code 45424 has experienced moderate population growth, increasing from 49,327 in 2013 to 49,862 in 2022, a 1.1% increase. This suggests a stable community with a consistent need for affordable housing options.
Median income has risen from $63,176 in 2013 to $72,255 in 2022, representing a 14.4% increase. Despite this growth, the continued development of LIHTC projects indicates an ongoing demand for affordable housing to support lower-income residents.
The racial composition of the zip code has remained relatively stable, with a slight increase in diversity. The white population decreased marginally from 75% in 2013 to 73% in 2022, while the Black population increased from 13% to 16%. This shift may reflect changing demographics and potentially evolving housing needs.
Zip code 45424 demonstrates a consistent commitment to affordable housing through LIHTC investments. The area has seen steady development of affordable units over more than two decades, with a mix of housing types to accommodate various household sizes. While the LIHTC-funded units represent a small percentage of the overall housing stock, they play a crucial role in providing affordable options. The demographic trends, including moderate population growth and increasing median income, alongside the continued development of LIHTC projects, suggest an ongoing effort to maintain affordable housing options in a changing economic landscape.
