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Affordable Housing in Beaver, Ohio: A Single LIHTC Project's Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Beaver, Ohio, a small community with a population of 1,687 as of 2022, has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project provides 32 affordable units, all of which are designated as low-income units. Based on the estimated housing inventory of approximately 646 units, the LIHTC-funded affordable housing covers about 4.95% of the city's housing stock.
The LIHTC program has invested $150,846 in tax credits for affordable housing in Beaver. With one project funded, this translates to an average federal funding of $150,846 per project and $4,714 per unit. Beaver's LIHTC funding represents 0.04% of Ohio's total state funding for affordable housing.
The sole LIHTC-funded project in Beaver, Cranberry Meadows, was completed in 1999, indicating over two decades of affordable housing presence in the city. This project consists of 32 units, including 12 two-bedroom units, 18 three-bedroom units, and 2 four-bedroom units, providing a range of housing options for different family sizes.
Over the past decade, Beaver has experienced fluctuations in its population and median income. The population decreased from 2,343 in 2015 to 1,687 in 2022, while median income varied, reaching $58,668 in 2022. The racial composition has remained predominantly white, with a slight increase in diversity over the years.
Despite these demographic changes, no new LIHTC projects have been built in Beaver since 1999. This could be due to various factors, including changes in housing needs, availability of other affordable housing options, or shifts in local development priorities.
Beaver's affordable housing landscape is characterized by a single LIHTC-funded project, Cranberry Meadows, which has been serving the community for over two decades. While this project provides a modest contribution to the city's affordable housing stock, it offers a mix of unit sizes to accommodate different household needs. The demographic trends over the past decade, including population fluctuations and changes in median income, may have influenced the lack of new LIHTC developments in recent years.
