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Affordable Housing in Cincinnati's 45202 Zip Code: A Hub for LIHTC-Funded Projects
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 45202 in Cincinnati, Ohio, contains a significant inventory of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. This area has 1,374 total units in LIHTC-funded projects, with 1,254 designated as low-income units. The estimated housing inventory of 6,825 units indicates that LIHTC-funded affordable housing comprises approximately 20.1% of the zip code's housing stock, aligning with the target percentage for affordable housing in a balanced community.
The LIHTC projects in zip code 45202 have received $6,191,960 in tax credits, averaging about $4,507 in federal funding per unit. This zip code accounts for 1.46% of Ohio's total LIHTC funding, indicating substantial investment in affordable housing for the area. Affordable housing has been a consistent feature of this zip code since 1988, with the earliest project, Mid-Towne Apts, completed that year and the most recent known completion being the Anna Louise Inn in 2015.
The 1990s saw the highest number of affordable housing project completions, including notable developments such as the North Rhine Network Project, Victory Apts, and Freedom Apts. The inventory includes a diverse mix of unit types, with 109 efficiencies, 175 one-bedrooms, 215 two-bedrooms, 175 three-bedrooms, and 48 four-bedrooms, catering to various household sizes and needs. One notable project, St Anthony Village, completed in 2002, specifically targets single parents, addressing the unique housing needs of this demographic.
Over the past decade, zip code 45202 has experienced significant population growth, increasing from 14,029 in 2013 to 17,812 in 2022. Concurrently, median income has risen substantially from $52,671 in 2013 to $78,002 in 2022, indicating improving economic conditions for residents. Racial demographics have shifted during this period, with the white population increasing from 54% to 66%, while the black population decreased from 35% to 22%. The Asian population has also grown, rising from 1% to 4%.
Despite the rising median income, the continued presence of LIHTC projects suggests an ongoing need for affordable housing options in this evolving neighborhood. The absence of new LIHTC projects since 2015 may be related to the overall increase in median income, potentially reducing the perceived need for additional low-income housing units.
Zip code 45202 demonstrates a robust LIHTC-funded affordable housing inventory, covering about 20.1% of the estimated housing stock. With a diverse range of unit types and projects targeting specific populations like single parents, the area has maintained a consistent focus on affordable housing for nearly three decades. While demographic shifts show increasing incomes and changing racial composition, the existing LIHTC projects continue to play a crucial role in maintaining housing affordability in this dynamic urban area.
