Affordable Housing in Cleveland's Stockyards: A Singular LIHTC Project Amidst Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
DATA SOURCE
The Stockyards neighborhood in Cleveland, Ohio, contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project, named Stockyard Homes, provides 3 low-income units. Based on the 2022 population of 8,591 and using the national average household size, the estimated housing inventory for the neighborhood is approximately 3,292 units. The LIHTC-funded affordable housing represents about 0.09% of the estimated housing inventory in the neighborhood.
The LIHTC project in the Stockyards neighborhood received $494,239 in tax credits. This translates to an average federal funding of approximately $164,746 per unit. Stockyard Homes was completed in 2007, indicating that affordable housing through this program has been present in the neighborhood for about 15 years. The project consists of two three-bedroom units and one four-bedroom unit, suggesting a focus on providing affordable housing for larger families or households in the area.
Over the past decade, the Stockyards neighborhood has experienced demographic changes. The population has slightly decreased from 9,091 in 2015 to 8,591 in 2022. Median income has shown an upward trend, increasing from $27,693 in 2015 to $32,687 in 2022, representing an 18% increase. Racial demographics have also shifted, with the White population decreasing from 51% in 2015 to 43% in 2022, and the Hispanic population increasing from 25% to 31% during the same period.
The Black population remained relatively stable, shifting from 17% to 16%. There has been an increase in individuals identifying as two or more races, growing from 2% in 2015 to 7% in 2022. These demographic changes, particularly the increase in median income, may partially explain why no additional LIHTC projects have been developed in the neighborhood since 2007.
The Stockyards neighborhood in Cleveland has a single LIHTC-funded affordable housing project, Stockyard Homes, completed in 2007. This project provides 3 low-income units, representing a small fraction of the estimated housing inventory. The neighborhood has experienced moderate demographic changes over the past decade, including a slight population decrease, an increase in median income, and shifts in racial composition. While LIHTC-funded affordable housing plays a role in the neighborhood, its contribution to the overall housing stock is limited based on the available data.
