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Affordable Housing Analysis in Zip Code 45810: Ada, Ohio's LIHTC Investments
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 45810 in Ada, Ohio, encompasses an area of 64.66 square miles and had a population of 8,123 as of 2022. This zip code contains 82 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units, all of which are designated as low-income units. Based on an estimated housing inventory of approximately 3,112 units, the LIHTC funded affordable housing represents about 2.63% of the zip code's housing stock.
The LIHTC program has invested $116,907 in tax credits for affordable housing projects in zip code 45810. This equates to an average federal funding of approximately $1,425 per unit. This zip code accounts for 0.03% of Ohio's total LIHTC funding, indicating a relatively small portion of the state's affordable housing investment.
The initial LIHTC project in zip code 45810, Ada Homes, was completed in 1989, while the most recent, Yorktown Village II, was finished in 1999. This indicates that affordable housing has been present in the area for over three decades. The 1990s experienced the most activity in affordable housing development, with two projects completed during this period.
The affordable housing inventory in zip code 45810 consists of 29 one-bedroom units, 8 two-bedroom units, and 9 three-bedroom units. This distribution suggests a focus on smaller households and families.
Over the past decade, the population in zip code 45810 has shown a declining trend, decreasing from 8,847 in 2016 to 8,123 in 2022. Despite this population decrease, the median income has risen significantly from $35,371 in 2016 to $56,885 in 2022, indicating an overall improvement in economic conditions.
The racial composition of zip code 45810 has remained predominantly white, although there has been a slight decrease from 92% in 2016 to 87% in 2022. There have been small increases in the Hispanic population (from 2% to 6%) and the Black population (from 1% to 3%) during this period.
Zip code 45810 in Ada, Ohio, has a modest LIHTC funded affordable housing inventory that covers about 2.63% of its estimated housing stock. The area saw most of its affordable housing development in the 1990s, with no new LIHTC projects recorded in the last two decades. Despite a declining population, the area has experienced significant income growth in recent years. The racial composition remains predominantly white, with slight increases in diversity. These demographic shifts may influence future affordable housing needs in the zip code.
