Loading Content...
Affordable Housing in Lakewood, Ohio: Three Decades of LIHTC Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lakewood, Ohio, a city with an estimated population of 50,605 as of 2022, has utilized the Low-Income Housing Tax Credit (LIHTC) program to provide affordable housing options. The LIHTC program has funded 158 low-income units across approximately 4 projects in Lakewood. These units represent about 0.81% of the city's estimated housing inventory of 19,389 units.
Lakewood has received $1,567,105 in project tax credits through the LIHTC program, averaging $391,776 per project and $9,918 per unit. The city holds 0.37% of the total state LIHTC funding. LIHTC-funded affordable housing in Lakewood spans from 1987, with the Robert D Hart project, to 2017, with the Westerly II project. This 30-year span indicates a long-term commitment to affordable housing in the city. The 2010s saw the most activity, with two projects completed during this decade.
All 158 units in LIHTC-funded projects are designated as low-income units, demonstrating a focused effort to provide housing for lower-income residents. Over the past decade, Lakewood's population has decreased slightly from 52,662 in 2010 to 50,605 in 2022. Despite this decline, the median income has increased from $50,921 in 2013 to $59,860 in 2022, suggesting improving economic conditions for some residents.
The racial composition of Lakewood has remained relatively stable, with the white population consistently representing about 84% of the total. There have been slight increases in the Hispanic and Asian populations, while the Black population has remained steady at around 5-6%. The completion of two LIHTC projects in 2014 and 2017 coincides with the period of rising median incomes, indicating a continued need for affordable housing options despite overall economic improvements.
Lakewood's LIHTC-funded affordable housing inventory represents a consistent effort to provide low-income housing options over several decades. The city has used federal funding to create 158 low-income units across approximately 4 projects. While these units represent a small percentage of the overall housing stock, they play a significant role in addressing affordable housing needs.
The city's demographic trends, including a slight population decrease and rising median incomes, provide context for the ongoing need for affordable housing. The continuation of LIHTC projects into the 2010s, despite improving economic indicators, suggests a sustained commitment to housing accessibility for lower-income residents. As Lakewood continues to evolve, monitoring the relationship between demographic shifts, economic trends, and affordable housing development will be crucial for addressing the community's changing needs.
