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Affordable Housing in Mount Vernon, Ohio: Three 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
Mount Vernon, Ohio, a city with historic significance, has a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city contains 239 affordable housing units, all designated as low-income units. This inventory represents approximately 2.7% of the city's estimated 8,867 housing units, indicating a contribution to affordable housing while suggesting potential for expansion.
Mount Vernon has received $702,853 in project tax credits for affordable housing through the LIHTC program. With six projects, this equates to an average federal funding of $117,142 per project and $2,940 per unit. The city accounts for 0.17% of the total state funding for LIHTC projects in Ohio, representing a modest contribution to the state's affordable housing initiatives.
Affordable housing has been part of Mount Vernon's development for over three decades. The initial LIHTC project, Sandusky Street Apts, was completed in 1987, and the most recent, Vernon Ridge Apartments, in 2020. This 33-year span demonstrates the city's sustained commitment to providing affordable housing options.
The 1980s saw the highest number of affordable housing project completions, with two projects: Sandusky Street Apts (1987) and Vernon Ridge II (1989). Other significant projects include Evergreen Apts (1994), Hillside Apts (2007), and Mount Vernon Senior Housing (2011).
The LIHTC-funded housing in Mount Vernon offers various unit types. The inventory includes 8 one-bedroom units, 47 two-bedroom units, 49 three-bedroom units, and 4 four-bedroom units. This distribution indicates accommodation for diverse family sizes.
Demographic trends over the past decade show Mount Vernon's population has remained relatively stable, increasing slightly from 22,636 in 2010 to 23,144 in 2022. The median income has generally increased, rising from $45,145 in 2013 to $51,317 in 2022, with some fluctuations. This income growth may influence affordable housing demand in the city.
Racial demographics have remained largely consistent, with a slight decrease in the white population from 96% in 2013 to 91% in 2022. There has been a minor increase in diversity, particularly in the Hispanic population (from 0% to 3%) and those identifying as two or more races (from 1% to 4%). These demographic shifts may impact future affordable housing needs and planning.
In conclusion, Mount Vernon's LIHTC-funded affordable housing inventory constitutes a small but significant portion of the city's housing stock. The city has consistently participated in the LIHTC program for three decades, providing a range of unit types for various household sizes. While the percentage of affordable housing is below the ideal target for a well-balanced city, other programs may also contribute to the affordable housing inventory. The city's stable population, increasing median income, and slight increases in diversity may influence future affordable housing needs and development strategies in Mount Vernon.
