Ashland has experienced population fluctuations over the past decade, with an overall increase from 2,045 in 2019 to 2,239 in 2022. The median income has also shown an upward trend, rising from $48,189 in 2019 to $52,567 in 2022.

Racial demographics have undergone slight changes, with the white population decreasing from 92% in 2019 to 82% in 2022. Simultaneously, there has been an increase in residents identifying as two or more races, from 6% in 2019 to 14% in 2022. The Hispanic population has remained relatively stable at approximately 1-2%.

The introduction of the LIHTC project in 2020 coincides with these demographic changes, potentially addressing the evolving housing needs of the community.

Ashland's LIHTC-funded affordable housing inventory, though modest in size, represents a recent addition to the city's housing landscape. The single project, Harvey Heights Phase I, provides 40 units of affordable housing, focusing on one and two-bedroom apartments. This development aligns with the city's growing population and increasing median income, potentially addressing the needs of low to moderate-income residents. The changing racial demographics of the city may also indicate a need for diverse housing options. As Ashland continues to evolve, monitoring the impact and potential expansion of affordable housing initiatives will be crucial in meeting the community's housing needs.