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Affordable Housing in Marysville, Ohio: A Three-Decade LIHTC Journey
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Marysville, Ohio, a city known for its agricultural heritage and Honda's North American headquarters, has a presence of affordable housing funded through the Low-Income Housing Tax Credit (LIHTC) program. The city's LIHTC-funded affordable housing inventory comprises 374 total units, with 275 designated as low-income units. Based on the estimated housing inventory of 13,115 units, LIHTC-funded affordable housing represents approximately 2.85% of the city's housing stock.
Marysville has received $2,457,581 in project tax credits through the LIHTC program. With six projects, this amounts to an average of $409,597 in federal funding per project. The average federal funding per unit is $6,571. Marysville holds 0.58% of Ohio's total LIHTC funding, indicating a small but significant portion of the state's affordable housing resources.
The city's affordable housing development spans three decades, with the first LIHTC project, Coventry Apts, completed in 1990, and the most recent, Windsor Manor East Apartments, finished in 2020. The 1990s saw the most activity, with three projects completed during this decade: Coventry Apts (1990), Elmwood Villas (1995), and Meadows Aprtaments (1996).
The LIHTC-funded housing stock in Marysville offers a range of unit types. The inventory includes 89 one-bedroom units, 138 two-bedroom units, and 111 three-bedroom units, catering to various family sizes and needs.
Marysville has experienced population growth, increasing from 28,861 in 2010 to 34,231 in 2022, an 18.6% increase. This suggests a growing demand for housing, including affordable options. The median income has risen from $72,643 in 2013 to $96,201 in 2022, a 32.4% increase, indicating a changing economic landscape in the city.
The racial composition of Marysville has remained relatively stable, with a slight decrease in the white population from 90% in 2013 to 89% in 2022. There has been a small increase in diversity, with the Hispanic population growing from 1% to 3% during this period. The black population has remained at 3%, while the Asian population has held at 2%.
The completion of two LIHTC projects in recent years (Senior Homes of Marysville in 2019 and Windsor Manor East Apartments in 2020) aligns with the city's population growth and potentially addresses the needs of a diversifying community.
Marysville's LIHTC-funded affordable housing inventory represents a consistent effort to provide affordable options over the past three decades. The recent addition of new projects suggests ongoing attention to affordable housing needs in the face of population growth and rising median incomes. The diverse unit mix indicates an attempt to cater to various household sizes within the low-income population. As Marysville continues to grow and evolve economically, monitoring the balance between affordable housing supply and changing demographics will be crucial for maintaining a diverse and inclusive community.
