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Affordable Housing in Mt. Airy: LIHTC's Impact on a Diversifying Cincinnati 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
Mt. Airy, a neighborhood in Cincinnati, Ohio, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory consists of 324 total units, with 321 of these designated as low-income units. Based on the 2022 population of 14,094 and an estimated 5,400 housing units, the LIHTC funded affordable housing covers approximately 6% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $485,196 in tax credits for affordable housing projects in Mt. Airy. This translates to an average federal funding of about $1,497 per unit. The neighborhood's affordable housing history through LIHTC dates back to 1998 with the completion of Forest Ridge Apartments. This project has been a cornerstone of affordable housing in Mt. Airy for over two decades.
The Forest Ridge Apartments project contributes significantly to the affordable housing stock in Mt. Airy. It offers a diverse range of unit types, including 57 one-bedroom, 58 two-bedroom, and 209 three-bedroom units. This distribution suggests a focus on accommodating families and larger households within the affordable housing framework.
Over the past decade, Mt. Airy's population has remained relatively stable, fluctuating between 13,445 and 14,744 residents. The median income has shown an overall upward trend, increasing from $39,257 in 2013 to $47,126 in 2022, indicating a gradual economic improvement in the neighborhood.
Racial demographics in Mt. Airy have seen shifts. The Black population has decreased from 52% in 2013 to 46% in 2022, while the White population has decreased from 42% to 38%. There has been an increase in racial diversity, with the Asian population growing from 0% to 4%, and those identifying as two or more races increasing from 2% to 7% during this period.
These demographic changes, particularly the increase in median income and growing diversity, may have influenced the demand for affordable housing in the neighborhood. The lack of new LIHTC projects in recent years suggests that other factors may be influencing affordable housing development in Mt. Airy.
Mt. Airy's affordable housing landscape is characterized by a significant LIHTC-funded project, Forest Ridge Apartments, which has been providing low-income housing options since 1998. This project covers about 6% of the estimated housing inventory, offering a substantial number of units, particularly favoring larger households with its high number of three-bedroom apartments. The neighborhood has experienced moderate income growth and increasing racial diversity over the past decade, which may have implications for future affordable housing needs and development in the area.
