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Affordable Housing in Mount Vernon: LIHTC's Significant Role in a Changing Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Mount Vernon, a neighborhood in Columbus, Ohio, has a substantial presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 644 units in LIHTC-funded projects, with 509 designated as low-income units. Based on the 2022 population of 3,751 and an estimated 1,437 housing units, LIHTC-funded affordable housing comprises approximately 44.8% of the neighborhood's estimated housing inventory. This high percentage indicates LIHTC's crucial role in providing affordable housing options in Mount Vernon.
The LIHTC program has invested $895,190 in tax credits for affordable housing projects in Mount Vernon. This equates to an average federal funding of about $1,390 per unit across all LIHTC-funded projects in the neighborhood. The LIHTC-funded affordable housing in Mount Vernon spans over three decades, with the first projects completed in 1988 and the most recent in 2019. Notable projects include Mount Vernon Plaza, completed in 1988, and Mount Vernon Plaza II, completed in 2019.
The 1980s and early 1990s experienced the most affordable housing development activity, with multiple projects completed during this period. These include Mount Vernon Plaza, Rental Thomas, Rosenthorn, and Shilo Grove, all completed in 1988. The 1990s continued this trend with projects such as Hamilton Scattered Sites (1990), SRP 8 (1991), and Meeks Rentals II (1991).
The LIHTC-funded housing inventory in Mount Vernon offers a diverse range of unit types. The neighborhood has 9 efficiency units, 2 one-bedroom units, 139 two-bedroom units, and 14 three-bedroom units. This distribution suggests a focus on accommodating small to medium-sized households.
Over the past decade, Mount Vernon has experienced notable demographic shifts. The population has increased from 3,148 in 2015 to 3,751 in 2022, indicating growing demand for housing. Median income has also risen significantly, from $13,278 in 2015 to $22,067 in 2022, potentially affecting affordable housing needs.
Racial demographics show a trend towards increased diversity. The Black population has grown from 75% in 2015 to 86% in 2022, while the White population decreased from 13% to 7% during the same period. This shift may influence the types of affordable housing needed and community services provided.
The completion of Mount Vernon Plaza II in 2019 aligns with the neighborhood's population growth and changing demographics, suggesting an ongoing need for affordable housing options.
Mount Vernon's LIHTC-funded affordable housing inventory plays a substantial role in the neighborhood's housing landscape, covering nearly half of the estimated housing units. The neighborhood has seen consistent investment in affordable housing over three decades, with a mix of unit types to accommodate various household sizes. Recent demographic trends, including population growth and increasing median income, suggest an evolving demand for affordable housing. The completion of new LIHTC projects in recent years indicates ongoing efforts to meet this demand and adapt to the changing needs of Mount Vernon's diverse community.
