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Affordable Housing Dominates Toledo's City Center: A Decade of LIHTC Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The City Center neighborhood of Toledo, Ohio, has a significant inventory of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. This area contains 736 total units in LIHTC-funded projects, with 486 designated as low-income units. Based on the 2022 population of 3,227 and the national average household size, the neighborhood is estimated to have approximately 1,236 housing units. LIHTC-funded affordable housing comprises about 59.5% of the estimated housing inventory, indicating a substantial presence in the area.
The LIHTC program has invested $2,563,803 in tax credits for affordable housing projects in this neighborhood. This equates to an average federal funding of approximately $3,483 per unit. The affordable housing presence in City Center spans over a decade, with the first LIHTC project, Macy's Apts, completed in 1996, and the most recent, Renaissance Senior Apts, finished in 2010.
The 2000s experienced the highest affordable housing development activity, with six projects completed during this decade. Notable projects from this period include Adams Street Development, City Forrest Of Toledo, and Uptown Arts Apts I, all completed in 2002.
The LIHTC-funded housing stock in City Center offers a range of unit types. Of the 736 total units, there are 31 efficiencies, 247 one-bedroom units, 296 two-bedroom units, 13 three-bedroom units, and 7 four-bedroom units. This distribution indicates a focus on accommodating various household sizes, with a predominance of one and two-bedroom apartments.
Over the past decade, the City Center neighborhood has experienced demographic shifts. The population has remained relatively stable, fluctuating between approximately 2,900 and 3,300 residents. Median income has shown an upward trend, increasing from $11,429 in 2013 to $21,258 in 2022, suggesting improving economic conditions for residents.
Racial demographics have also changed. The Black population has decreased from 56% in 2013 to 46% in 2022, while the White population has increased from 33% to 39% over the same period. The Hispanic population has increased from 7% to 10%. These changes indicate a gradual diversification of the neighborhood's racial composition.
The City Center neighborhood of Toledo demonstrates a significant commitment to affordable housing through its LIHTC-funded projects. With nearly 60% of the estimated housing inventory comprised of LIHTC units, the area provides substantial housing options for low-income residents. The diverse unit types cater to various household sizes, and the investment spans over a decade, showing sustained efforts in affordable housing development. While demographic shifts have occurred, including rising median incomes and changes in racial composition, the presence of LIHTC housing remains a crucial component of the neighborhood's housing landscape.
