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Affordable Housing in Frankfort: A Small-Scale LIHTC Implementation
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Frankfort, Ohio, maintains a small Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The village has 38 affordable units, all designated as low-income. Based on the 2022 population of 2,882 and an estimated housing inventory of 1,104 units, LIHTC funded affordable housing comprises approximately 3.4% of the village's estimated housing stock.
Frankfort has received $153,219 in project tax credits through the LIHTC program. With two projects, this averages $76,609.50 per project and $4,032.08 per unit. The village holds 0.04% of Ohio's total LIHTC funding, indicating a small share of the state's affordable housing resources.
The affordable housing in Frankfort has been present for over a decade. The first project, Tanglewood Apts, was completed in 1993, and the most recent project, Frankfort Place, was completed in 2004. The 1990s saw the most affordable housing development in the village.
The LIHTC funded projects in Frankfort primarily consist of one-bedroom units, with 2 such units reported. The distribution of other unit types is not specified in the available data.
Over the last decade, Frankfort has experienced population fluctuations, growing from 2,682 in 2019 to 2,882 in 2022. The median income has varied, increasing from $39,231 in 2019 to $50,846 in 2022. This rise in median income might suggest a potential decrease in affordable housing demand, although income disparities may persist within the community.
Regarding racial distribution, Frankfort has remained predominantly white, with the white population comprising 97% of the total in 2022. The Black population has decreased from 5% in 2019 to 1% in 2022, while the proportion of residents identifying as two or more races has remained relatively stable at 2%.
Frankfort's LIHTC funded affordable housing inventory contributes to meeting some of the community's housing needs. The village has maintained a consistent presence of affordable housing since the early 1990s, with two projects providing 38 low-income units. Despite recent increases in median income, the continued presence of these affordable units suggests an ongoing need for housing assistance in the community. The demographic trends, including population growth and shifts in racial composition, may influence future affordable housing needs and development in Frankfort.
