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Affordable Housing in Loveland, Ohio: A Decade of LIHTC Implementation
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Loveland, Ohio, a city in the greater Cincinnati area, has a population of 26,414 as of 2022. The city's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprises 89 units, all designated as low-income. This represents approximately 0.88% of the city's estimated 10,120 housing units.
Loveland has received $786,565 in project tax credits through the LIHTC program. With approximately 3 projects, the average federal funding per project is $262,188, and the average federal funding per unit is $8,837. The city holds 0.18% of the total state LIHTC funding.
The affordable housing projects in Loveland span from 2008 to 2015, with Mac Arthur Park Apartments being the first project built and Loveland Station Senior Housing the most recent. The 2010s saw the most affordable housing activity, with two of the three known projects completed during this decade.
The LIHTC funded housing inventory in Loveland consists of 34 two-bedroom, 46 three-bedroom, and 9 one-bedroom units. This distribution suggests a focus on accommodating small to medium-sized families within the affordable housing stock.
Over the past decade, Loveland's population has grown from 24,921 in 2013 to 26,414 in 2022, indicating a modest increase in housing demand. The median income has fluctuated but generally remained high, ranging from $106,832 to $117,040 during this period. This high median income might suggest a lower overall need for affordable housing compared to other areas.
Racial demographics have shown slight shifts, with the white population decreasing from 92% in 2013 to 88% in 2022, while other racial groups have seen small increases. The Hispanic population grew from 2% to 4% during this time. These changes may indicate a growing diversity that could influence future affordable housing needs.
Loveland's LIHTC funded affordable housing inventory provides 89 low-income units to the community. The city has received nearly $800,000 in tax credits for these projects, which were developed primarily in the 2010s. The housing stock focuses on two- and three-bedroom units, potentially catering to families. The city's high median income and gradual population growth suggest a stable economic environment, which may influence the overall demand for affordable housing in Loveland.
