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Affordable Housing in Clyde, Ohio: Three Decades of LIHTC 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
Clyde, Ohio, a small city with a population of 8,773 as of 2022, has a significant presence of affordable housing through the Low-Income Housing Tax Credit (LIHTC) program. The city's estimated housing inventory of 3,361 units includes 177 LIHTC-funded units, of which 169 are designated as low-income. This represents approximately 5.3% of Clyde's housing inventory dedicated to LIHTC-funded affordable housing.
The LIHTC program has provided $545,327 in project tax credits to Clyde, funding approximately 5 projects. This translates to an average of $109,065 in federal funding per project and about $3,081 per unit. Clyde's share of Ohio's total LIHTC funding is 0.13%, a modest but notable proportion for a city of its size.
Affordable housing development in Clyde spans over three decades. The first LIHTC project, Norris Apts, was completed in 1988, while the most recent, Laurel Greene, was finished in 2004. The early 2000s saw the most activity, with two projects completed: Laurel Hurst in 2003 and Laurel Greene in 2004.
The LIHTC-funded projects in Clyde offer a diverse range of unit types, including 24 one-bedroom, 41 two-bedroom, 14 three-bedroom, and 4 four-bedroom units. This variety accommodates different household sizes within the low-income population.
Demographic trends over the past decade show a relatively stable population in Clyde, with a slight decrease from 8,925 in 2014 to 8,773 in 2022. The median income has grown from $48,137 in 2014 to $52,935 in 2022. Racial demographics have remained largely consistent, with the white population comprising around 90% of residents, and small increases in Hispanic, Black, and multiracial populations.
In conclusion, Clyde's LIHTC-funded affordable housing represents a modest but crucial component of the city's housing landscape. While the percentage of affordable units is below typical targets, the city has maintained a consistent presence of affordable housing options for three decades. The absence of recent LIHTC developments may be attributed to the city's stable population and rising median income. Ongoing assessment of housing needs will be essential to ensure that affordable housing provision aligns with Clyde's changing demographics and economic conditions.
