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Affordable Housing in Chapel Hill: Examining LIHTC Investments and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Chapel Hill, a neighborhood in Akron, Ohio, has a presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area's LIHTC inventory comprises 46 total units, with 10 designated as low-income units. Based on the 2022 population of 14,555 and using the national average household size, the estimated housing inventory in the neighborhood is approximately 5,577 units. The LIHTC funded affordable housing represents about 0.82% of the estimated housing units in the neighborhood.
The LIHTC program has invested in Chapel Hill, with project tax credits totaling $1,808,545. This investment equates to an average federal funding of approximately $39,316 per unit in LIHTC-funded projects. The neighborhood has seen LIHTC developments from 2014 to 2019, indicating a recent focus on affordable housing in the area.
The Commons at Madaline Park, completed in 2014, marks the start of LIHTC-funded projects in Chapel Hill. The most recent addition is the International House at San Tomasso, finished in 2019. This five-year period demonstrates efforts to increase affordable housing options in the neighborhood.
The 2010s saw affordable housing projects completed in Chapel Hill. Projects include The Commons at Madaline Park II (2016) and International House at San Tomasso (2019). The housing mix in these LIHTC projects includes 6 one-bedroom units, 25 three-bedroom units, and 15 four-bedroom units, catering to various household sizes and needs.
Over the past decade, Chapel Hill has experienced demographic shifts coinciding with the introduction of LIHTC projects. The population has remained relatively stable, with a slight increase from 14,385 in 2010 to 14,555 in 2022. Median income has shown growth, rising from $35,617 in 2013 to $45,323 in 2022, potentially indicating improved economic conditions for residents.
Racial demographics have evolved. The white population decreased from 77% in 2013 to 65% in 2022, while the Asian population increased from 2% to 10% during the same period. The Black population has remained relatively stable at around 16-17%. These changes suggest a gradual diversification of the neighborhood's racial composition.
Chapel Hill's LIHTC-funded affordable housing inventory represents a recent commitment to providing affordable options in the neighborhood. The diverse unit mix caters to various household sizes, and the implementation of projects over the past decade aligns with demographic shifts in the area. While the current LIHTC inventory covers a small percentage of the estimated housing units, it contributes to the neighborhood's efforts to address affordable housing needs in an evolving community landscape.
