Loading Content...
Affordable Housing in Elizabeth Park Valley: LIHTC's Impact on Akron Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Elizabeth Park Valley, a neighborhood in Akron, Ohio, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 158 total units, with 110 designated as low-income units. Based on the 2022 population of 4,050 and using the national average household size, the estimated number of housing units in the neighborhood is approximately 1,552. The LIHTC funded affordable housing represents about 10.2% of the estimated housing inventory, indicating a substantial contribution to the neighborhood's affordable housing stock.
The LIHTC program has invested $840,931 in tax credits for affordable housing projects in Elizabeth Park Valley. This equates to an average federal funding of approximately $5,322 per unit across all LIHTC-funded projects in the neighborhood. Affordable housing has been present in Elizabeth Park Valley for over three decades. The first LIHTC project, Carpenter Street, was completed in 1990, while the most recent, Elizabeth Park North, was finished in 2006. The 2000s saw the most development activity, with three out of the four LIHTC projects completed during this decade.
The LIHTC-funded housing inventory in Elizabeth Park Valley offers a diverse range of unit types. The breakdown includes 6 one-bedroom units, 32 two-bedroom units, 15 three-bedroom units, and 71 four-bedroom units. This distribution suggests a focus on accommodating families of various sizes, with a particular emphasis on larger households given the high number of four-bedroom units.
Over the past decade, Elizabeth Park Valley has experienced demographic shifts. The population has remained relatively stable, fluctuating between about 4,000 and 4,700 residents. Median income has shown an overall upward trend, increasing from $23,307 in 2013 to $32,363 in 2022, which may indicate improving economic conditions for some residents.
Racial demographics have also evolved. The neighborhood has seen an increase in diversity, with the Black population growing from 41% in 2013 to 42% in 2022, and the Asian population increasing from 3% to 12% during the same period. The White population has decreased from 52% to 35%. These changes suggest a shifting demographic landscape that may influence future affordable housing needs.
Elizabeth Park Valley's LIHTC-funded affordable housing inventory plays a significant role in the neighborhood's housing landscape, covering approximately 10.2% of the estimated housing units. The $840,931 in tax credits has supported the development of 158 units across four projects, with a focus on larger family units. The neighborhood has seen a gradual increase in median income and growing racial diversity over the past decade. These demographic shifts, coupled with the existing affordable housing stock, provide context for understanding the neighborhood's evolving housing needs and the ongoing role of LIHTC-funded projects in meeting those needs.
