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Affordable Housing in Lorain, Ohio: Two Decades of LIHTC Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lorain, Ohio, has a diverse affordable housing inventory supported by the Low-Income Housing Tax Credit (LIHTC) program. The city has 515 affordable housing units, with 394 designated as low-income units. Based on the 2022 population of 65,366 and an estimated 25,044 housing units, LIHTC-funded affordable housing comprises approximately 2.1% of the city's estimated housing inventory.
Lorain has received $1,513,078 in project tax credits through the LIHTC program. With approximately 10 projects, this equates to an average of $151,308 in federal funding per project, or about $2,938 in federal funding per unit. The city holds 0.36% of the total state funding for LIHTC projects in Ohio.
The first LIHTC project in Lorain was completed in 1993, and the most recent in 2012, spanning a 19-year period. The 1990s saw the most affordable housing projects completed, with five projects finished during this decade. The LIHTC-funded housing in Lorain offers various unit types, including 57 one-bedroom, 238 two-bedroom, 126 three-bedroom, and 27 four-bedroom units.
Over the past decade, Lorain's population increased from 63,706 in 2013 to 65,366 in 2022. The median income rose from $32,494 in 2013 to $46,592 in 2022, indicating an overall improvement in economic conditions. Racial distribution data from 2021 shows a diverse community, with 46% White, 17% Black, 27% Hispanic, and 7% identifying as two or more races.
The absence of new LIHTC projects since 2012 may be attributed to the rising median income, potentially reducing the perceived need for additional low-income housing. However, other affordable housing programs may be addressing ongoing needs not captured in this data.
Lorain has an established foundation of LIHTC-funded affordable housing, with projects spanning nearly two decades. While the current inventory covers a small percentage of the city's estimated housing units, it provides various options for low-income residents. The city's demographic trends, including population growth and increasing median income, may influence future affordable housing needs and development strategies.
