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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Kenmore, a neighborhood in Akron, Ohio, has a population of 17,372 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded 4 low-income units in the area, all part of a single project. These units represent approximately 0.06% of the estimated 6,656 housing units in the neighborhood.
The LIHTC program has allocated $700,659 in tax credits for affordable housing in Kenmore. This funding averages $175,165 per unit. The sole LIHTC project, Kenmore Place, was completed in 2015, marking the introduction of LIHTC-funded affordable housing in the neighborhood.
Kenmore Place consists of 4 units, equally divided between two one-bedroom and two two-bedroom apartments. This distribution indicates a focus on housing for small families or individuals.
Kenmore's population has fluctuated over the past decade, decreasing from 18,967 in 2017 to 17,372 in 2022. The median income has increased from $37,652 in 2017 to $43,511 in 2022, suggesting an improvement in economic conditions.
Racial demographics have remained relatively stable. The white population decreased slightly from 74% in 2017 to 72% in 2022, while the Black population decreased from 17% to 16%. The Hispanic population grew from 1% to 3%, and those identifying as two or more races increased from 4% to 7%.
The introduction of LIHTC-funded housing in 2015 coincided with a period of relative population stability and gradual income growth. However, the limited scale of the LIHTC project suggests that other factors or programs may be addressing affordable housing needs in the neighborhood.
Kenmore's LIHTC-funded affordable housing inventory is modest, with a single project providing 4 units. This represents a small fraction of the neighborhood's estimated housing stock. The project received significant federal funding per unit, indicating a substantial investment in these affordable homes. While demographic trends show some income growth and racial diversification, the limited LIHTC presence suggests that affordable housing needs may be addressed through other means or that demand for such housing might be lower than in other areas. Further research into other housing programs and local economic factors would be necessary to fully understand Kenmore's affordable housing landscape.