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Affordable Housing in Lima's 45801 Zip Code: A Three-Decade Evolution
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lima, Ohio's zip code 45801 houses a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area contains 672 total units in LIHTC funded projects, with 583 designated as low-income units. Based on the estimated 7,898 housing units in the zip code, LIHTC funded affordable housing comprises approximately 8.5% of the area's housing stock.
The LIHTC projects in zip code 45801 have received $1,885,998 in project tax credits, averaging about $2,806 per unit in federal funding. This zip code holds 0.44% of Ohio's total LIHTC funding, indicating a notable concentration of affordable housing investment in this area.
Affordable housing has been present in zip code 45801 for over three decades. The first LIHTC project, Argonne Retirement Inn, was completed in 1987, while the most recent, Union Square, was finished in 2015. The 1990s saw the most affordable housing development, with projects like Pierce Street, Wayne, Wayne Street Project, Barr Senior Apartments, Willow Lake Apt Homes, and Brower Commons being completed during this decade.
The LIHTC funded projects in zip code 45801 offer a diverse range of unit types. There are 23 efficiencies, 120 one-bedroom units, 256 two-bedroom units, 86 three-bedroom units, and 16 four-bedroom units. This variety caters to different household sizes and needs within the low-income population.
Over the past decade, zip code 45801 has experienced a gradual population decline, from 23,910 in 2014 to 20,615 in 2022. Despite this decrease, the median income has risen from $38,245 in 2014 to $48,349 in 2022, suggesting an improving economic situation for some residents.
The racial composition of zip code 45801 has remained relatively stable, with a slight decrease in the Black population (from 17% to 13%) and an increase in the Hispanic population (from 3% to 6%) between 2014 and 2022. The white population has maintained a majority at around 73-75% throughout this period.
The most recent LIHTC project was completed in 2015, which aligns with the period just before the start of the population decline. The lack of new LIHTC projects since then may be related to the decreasing population and rising median income, potentially indicating a reduced need for additional affordable housing units in recent years.
Zip code 45801 in Lima, Ohio, has a substantial LIHTC funded affordable housing inventory, covering about 8.5% of the estimated housing stock. The area has seen consistent investment in affordable housing over three decades, with the most active period being the 1990s. While the population has been declining in recent years, the median income has increased, potentially impacting the need for new affordable housing developments. The existing LIHTC projects offer a diverse range of unit types, catering to various household sizes within the low-income population.
