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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 43074, located in Sunbury, Ohio, presents a case study for Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area has a total of 48 LIHTC-funded units, with 12 of these designated as low-income units.
The estimated housing inventory for this zip code, based on the 2022 population and national average household size, is approximately 5,505 units. The LIHTC-funded affordable housing covers about 0.87% of this estimated housing inventory, indicating a small proportion of LIHTC affordable housing in the area.
The LIHTC program has provided $351,396 in tax credits for affordable housing projects in this zip code. This amounts to an average of $7,321 per LIHTC-funded unit. This zip code holds 0.08% of Ohio's total LIHTC funding, suggesting a modest allocation of resources to this area compared to the state overall.
Affordable housing has been present in this zip code since at least 1994, with the completion of Sunbury Estates. The most recent project, Sunbury Heights Apartments, was completed in 2008, indicating a 14-year span of LIHTC development activity. The 2000s saw the most affordable housing development in this area.
The LIHTC-funded housing stock in this zip code consists primarily of two-bedroom units (32) and three-bedroom units (8). This distribution suggests a focus on accommodating small to medium-sized families.
Analyzing demographic trends over the last decade, we observe an increase in population from 11,123 in 2010 to 14,368 in 2022. The median income has also shown an upward trend, rising from $79,235 in 2013 to $89,342 in 2022, with a peak of $108,601 in 2021.
Racial demographics have remained relatively stable, with the white population consistently representing around 90-95% of the total. There has been a slight increase in diversity, with small increases in Asian, Hispanic, and multi-racial populations.
The absence of new LIHTC projects in the last decade, combined with the rising median income and relatively low racial diversity, may suggest a reduced perceived need for additional low-income housing in this area. However, other affordable housing programs not captured in this data may be addressing housing needs in the community.
In summary, while LIHTC-funded affordable housing plays a role in this zip code's housing landscape, it represents a small portion of the overall estimated housing stock. The area has seen population growth and income increases over the past decade, which may influence future affordable housing needs and development decisions.