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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Ellet, a neighborhood in Akron, Ohio, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 206 total units in LIHTC-funded projects, with 107 of these designated as low-income units. Based on the 2022 population of 21,551 and using the national average household size, there are approximately 8,257 housing units in the neighborhood. The LIHTC-funded affordable housing represents about 2.5% of the estimated housing inventory in Ellet.
The LIHTC program has invested $689,755 in tax credits for affordable housing projects in Ellet. This equates to an average federal funding of approximately $3,349 per unit across all LIHTC-funded projects in the neighborhood.
Affordable housing has been part of Ellet's landscape for over two decades. The first LIHTC project, Oak Creek Apartments, was completed in 1996, while the most recent addition, Washington Homes, was finished in 2010. This 14-year span demonstrates a sustained commitment to affordable housing in the area. The 2000s saw the most activity in LIHTC project completions, with two projects finished during this decade.
The LIHTC-funded housing inventory in Ellet offers a diverse range of unit types. The neighborhood has 96 one-bedroom units, 10 two-bedroom units, 12 three-bedroom units, and 34 four-bedroom units. This variety caters to different household sizes and needs within the community.
Over the past decade, Ellet's population has remained relatively stable, fluctuating between about 21,000 to 22,500 residents. The median income has shown an upward trend, increasing from $44,156 in 2017 to $53,913 in 2022. This rise in median income could potentially impact the demand for affordable housing in the area.
Racial demographics in Ellet have remained largely consistent over the past decade. The neighborhood is predominantly white, with this group consistently representing about 90% of the population. There has been a slight increase in diversity, with small growth in the Hispanic population from 1% in 2013 to 3% in 2022, and the Black population remaining steady at around 4-5%.
Ellet's LIHTC-funded affordable housing inventory represents a small but significant portion of the neighborhood's estimated housing stock. The area has seen consistent investment in affordable housing over a 14-year period, with projects varying in size and unit types to accommodate different household needs. While the neighborhood's population has remained relatively stable, the rising median income and slight increases in diversity may influence future affordable housing needs. The LIHTC program has played a crucial role in providing affordable housing options in Ellet, contributing to the neighborhood's housing diversity and accessibility.