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Affordable Housing in East Akron: LIHTC Impact on Neighborhood Demographics
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
East Akron, a neighborhood in Akron, Ohio, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 415 total units in LIHTC funded projects, with 252 of these designated as low-income units. Based on the 2022 population of 10,187 and using the national average household size, there are approximately 3,903 housing units in the neighborhood. The LIHTC funded affordable housing comprises about 10.6% of the estimated housing inventory, indicating a substantial contribution to the area's affordable housing needs.
The LIHTC program has invested $1,781,199 in tax credits for affordable housing projects in East Akron. This equates to an average federal funding of about $4,292 per unit across all LIHTC funded projects in the neighborhood. Affordable housing has been a long-standing feature in East Akron, with the earliest LIHTC projects, Whitney Rental and Anders, Fitzpatrick & Weigand Apts, completed in 1988. The most recent project, Robinson Homes East, was completed in 2014, spanning over 26 years of affordable housing development in the neighborhood.
The 1990s saw the most affordable housing activity, with three projects completed during this decade: Single Family Home (1991), Akron Homes I (1995), and Akron Homes II (1996). The 2000s also saw significant development with Hillwood II (2006) and Collinson Apts (2007). The LIHTC funded housing in East Akron offers a diverse range of unit types. While data on efficiencies is not available, the inventory includes 89 one-bedroom units, 24 two-bedroom units, 53 three-bedroom units, and 29 four-bedroom units, catering to various household sizes and needs.
Over the past decade, East Akron has experienced some demographic shifts. The population has decreased from 11,859 in 2013 to 10,187 in 2022, a decline of about 14%. Despite this population decrease, the median income has shown a positive trend, rising from $21,348 in 2013 to $31,889 in 2022, an increase of nearly 50%. The racial composition of the neighborhood has remained relatively stable, with the Black population consistently representing the largest group, fluctuating between 44% and 51% over the past decade. The White population has remained the second-largest group, ranging from 37% to 40%. There has been a slight increase in diversity, with small growth in the Hispanic and Asian populations.
The last LIHTC project in East Akron was completed in 2014. Since then, the neighborhood has seen a gradual increase in median income, which might partially explain the lack of new LIHTC projects in recent years. However, with the median income still relatively low compared to national averages, there may still be a need for affordable housing in the area.
East Akron has a substantial inventory of LIHTC funded affordable housing, covering about 10.6% of the estimated housing stock. The neighborhood has benefited from LIHTC investments for over two and a half decades, with projects ranging from the late 1980s to the mid-2010s. While the population has decreased slightly over the past decade, median incomes have risen, and racial diversity has increased marginally. The existing LIHTC projects provide a mix of unit sizes to accommodate various household needs, contributing significantly to the affordable housing landscape in East Akron.
