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Affordable Housing in Highland Square: LIHTC Impact on Akron Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Highland Square, a neighborhood in Akron, Ohio, has a presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood has 86 total units in LIHTC funded projects, all designated as low-income units. This affordable housing inventory addresses community housing needs.
Based on the 2022 population of 10,765 and using the national average household size of 2.61, there are approximately 4,125 housing units in the neighborhood. The 86 LIHTC funded affordable units represent about 2.1% of this estimated housing inventory, contributing a small but significant portion to the neighborhood's affordable housing stock.
The LIHTC program has invested $231,378 in project tax credits for Highland Square's affordable housing. This translates to an average federal funding of approximately $2,690 per unit, demonstrating a commitment to affordable housing in the area.
Affordable housing has been a feature of Highland Square since 1987, with projects spanning to 2005. The earliest project, Swartz Apts, was completed in 1987, while the most recent, Nela Manor, was finished in 2005. This 18-year period shows a sustained effort to provide affordable housing options in the neighborhood.
The 1980s saw the most affordable housing activity, with three projects completed during this decade: Swartz Apts (1987), Beck Avenue (1988), and Ohio Property Mgmt & Development (1989). This concentration of development indicates a significant push for affordable housing during that period.
The inventory of LIHTC funded units in Highland Square includes 8 one-bedroom units, 21 two-bedroom units, and 6 three-bedroom units. This diversity in unit sizes accommodates various household compositions within the affordable housing stock.
Over the last decade, Highland Square has experienced some demographic shifts. The population has remained relatively stable, with a slight increase from 10,373 in 2013 to 10,765 in 2022. Median income has shown a positive trend, rising from $35,487 in 2013 to $48,607 in 2022, indicating improving economic conditions for residents.
Racial distribution has remained fairly consistent, with a slight decrease in the Black population (from 24% in 2013 to 19% in 2022) and a small increase in the Asian population (from 1% to 3%). The White population has maintained a majority, around 70% throughout the decade.
The lack of new LIHTC projects since 2005 could be attributed to the rising median income and relative stability in population, potentially suggesting a reduced need for additional affordable housing units in recent years.
Highland Square's LIHTC funded affordable housing inventory represents a long-term commitment to providing low-income housing options. The neighborhood has maintained a diverse range of unit types, catering to different household sizes. The early concentration of projects in the late 1980s laid a foundation for affordable housing in the area. While no new LIHTC projects have been developed in recent years, the existing inventory continues to play a role in the neighborhood's housing landscape. The demographic trends, including rising median income and stable population, may be influencing the current patterns of affordable housing development in Highland Square.
