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Affordable Housing in Mt Pleasant, Cleveland: LIHTC Impact and Demographic Shifts
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 Pleasant, a neighborhood in Cleveland, Ohio, has 93 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units, all designated as low-income, represent approximately 1.92% of the neighborhood's estimated 4,843 housing units, based on the 2022 population of 12,640. The LIHTC program has invested $110,000 in tax credits for affordable housing projects in Mt Pleasant, averaging about $1,183 per unit.
LIHTC-funded affordable housing development in Mt Pleasant spans a decade, from 1997 to 2007. The earliest project, Kare Building, was completed in 1997, followed by Kinsman Kare in 1998. The largest and most recent project, Erieview Homes II, was finished in 2007. This distribution indicates a steady, though limited, commitment to affordable housing development in the neighborhood over time.
The LIHTC-funded housing inventory in Mt Pleasant includes a variety of unit types: 36 efficiency units, 41 three-bedroom units, and 16 four-bedroom units. This diverse range of unit sizes suggests an effort to accommodate various household compositions, from individuals to larger families.
Mt Pleasant has experienced a declining population trend over the past decade, with the number of residents decreasing from 15,524 in 2013 to 12,640 in 2022. Despite this population decline, the median income has shown a positive trend, rising from $21,714 in 2013 to $29,942 in 2022.
The racial composition of Mt Pleasant has remained predominantly Black, though there has been a slight decrease from 97% in 2013 to 88% in 2022. During this period, there has been a small increase in Hispanic residents (from 0% to 3%) and those identifying as two or more races (from 1% to 7%).
The absence of new LIHTC projects in the last decade may be related to the declining population and increasing median income, which may have altered the perceived need for additional affordable housing units in the neighborhood.
Mt Pleasant's LIHTC-funded affordable housing inventory represents a consistent effort to provide low-income housing options, despite its modest scale. The 93 affordable units, all designated as low-income, cover about 1.92% of the estimated housing stock. LIHTC investments have supported a mix of unit types, from efficiencies to larger family-sized apartments. The lack of recent LIHTC development aligns with demographic shifts showing a declining population but rising median income. The racial composition remains predominantly Black, with slight increases in diversity. These trends provide context for understanding the current state and potential future needs of affordable housing in Mt Pleasant.
