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Affordable Housing in Monroe, Ohio: LIHTC-Funded Inventory Analysis
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Monroe, located in Ohio, has a LIHTC-funded affordable housing inventory consisting of 114 units, with 15 designated as low-income units. This inventory represents approximately 1.28% of the city's estimated 8,900 housing units as of 2022.
The city has received $475,093 in project tax credits from the LIHTC program for affordable housing. With approximately two projects, the average federal funding per project is $237,546.50, and the average federal funding per unit is $4,167.48. Monroe holds 0.11% of the total state LIHTC funding.
The Reserve At Monroe Crossings, completed in 2005, is a significant project in the city's affordable housing landscape. This project accounts for all 114 units in the LIHTC-funded inventory, including 22 one-bedroom units, 88 two-bedroom units, and 4 three-bedroom units.
Monroe has experienced steady population growth over the past decade, increasing from 18,923 in 2014 to 23,230 in 2022, representing a growth of about 22.8% over eight years. The median income has also risen significantly, from $77,143 in 2014 to $95,087 in 2022, an increase of approximately 23.3%.
Regarding racial demographics, the city has maintained a predominantly white population, though there have been slight shifts in diversity. The white population decreased from 88% in 2014 to 82% in 2022. During this period, there were modest increases in other racial groups, particularly in the Hispanic population (from 3% to 7%) and those identifying as two or more races (from 2% to 5%).
These demographic trends, showing population growth and rising median income, may suggest a changing landscape for affordable housing needs in Monroe. The increasing diversity, albeit slight, could also influence future affordable housing considerations.
Monroe's LIHTC-funded affordable housing inventory provides an important contribution to the city's housing landscape. The Reserve At Monroe Crossings has been a longstanding fixture since 2005, offering a mix of unit types to serve diverse household needs. As the city continues to grow and evolve demographically, ongoing assessment of affordable housing needs will be crucial to ensure that housing options remain accessible to all segments of the population.
