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Affordable Housing in Gibsonburg, Ohio: LIHTC's Small but Significant 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
Gibsonburg in Ohio possesses a small inventory of LIHTC-funded affordable housing. The village contains 18 affordable housing units, of which 15 are designated as low-income units. Based on the 2022 population of 3,813 and an estimated 1,461 housing units, LIHTC-funded affordable housing represents approximately 1.23% of the village's estimated housing inventory.
The village has received $27,926 in project tax credits from the LIHTC program. With one approximate project, this equates to an average federal funding of $27,926 per project. When divided by the total units, it amounts to about $1,551 of federal funding per unit. Gibsonburg accounts for 0.01% of the total state LIHTC funding.
Quarry Village Apts II, completed in 2004, is the only LIHTC-funded project in Gibsonburg. This project has provided affordable housing in the village for nearly two decades. The affordable housing inventory in Gibsonburg comprises 6 one-bedroom units and 12 two-bedroom units. This distribution indicates a focus on accommodating smaller households and families.
Gibsonburg has experienced minor population fluctuations over the past decade, with a general upward trend from 3,671 in 2010 to 3,813 in 2022. The median income has shown substantial growth, increasing from $47,606 in 2013 to $66,060 in 2022, suggesting an overall improvement in economic conditions.
The village has maintained a predominantly white population, although there has been a slight decrease from 90% in 2013 to 85% in 2022. The Hispanic population has experienced the most notable increase, growing from 7% in 2013 to 9% in 2022, with a peak of 15% in 2019.
The absence of new LIHTC projects in the last decade may be attributed to the rising median income and relatively stable population, potentially indicating a reduced need for additional low-income housing units.
Gibsonburg's LIHTC-funded affordable housing inventory, while modest, has been a consistent presence since 2004. The single project, Quarry Village Apts II, provides 18 units, primarily consisting of one and two-bedroom apartments. While the village has experienced economic growth and slight demographic shifts over the past decade, the LIHTC inventory has remained stable. This analysis provides an objective view of the LIHTC-funded affordable housing situation in Gibsonburg.
