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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
North Broadway, a neighborhood in Cleveland, 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 313 of these designated as low-income units. Based on the 2022 population of 4,426 and using the national average household size, approximately 1,696 housing units are estimated in the neighborhood. The LIHTC funded affordable housing covers about 19.1% of the estimated housing inventory, which aligns closely with the target percentage for a well-balanced community.
The LIHTC projects in North Broadway have received $890,811 in project tax credits, averaging about $2,749 per unit. This federal funding has played a crucial role in developing affordable housing in the area. The neighborhood has seen a consistent commitment to affordable housing over several decades, with the first LIHTC project, the Olympia Building, completed in 1987, and the most recent, Edgewood Park, in 2009. This 22-year span demonstrates a long-term investment in affordable housing for the community.
The 1980s saw the most affordable housing activity, with two projects completed: the Olympia Building (1987) and CHN V (1988). The 1990s, 2000s, and 2000s each saw two projects completed, indicating a steady pace of affordable housing development over time.
The LIHTC funded projects in North Broadway offer a diverse range of unit types. Out of the 324 total units, there are 71 efficiencies, 6 one-bedroom units, 47 two-bedroom units, 59 three-bedroom units, and 28 four-bedroom units. This variety caters to different household sizes and needs within the low-income population.
Over the past decade, North Broadway's population has fluctuated, with a slight overall decline from 5,207 in 2015 to 4,426 in 2022. Despite this population decrease, the median income has shown a positive trend, rising from $19,889 in 2015 to $27,321 in 2022. This income growth might indicate improving economic conditions for some residents, but it is important to note that the median income remains relatively low, underscoring the continued need for affordable housing options.
The racial composition of North Broadway has remained relatively stable over the past decade. The Black population has consistently been the majority, ranging from 49% to 57%, while the White population has fluctuated between 33% and 38%. The Hispanic population has decreased slightly from 10% in 2015 to 6% in 2022. This demographic stability suggests that the existing LIHTC projects continue to serve the neighborhood's diverse population.
North Broadway's LIHTC funded affordable housing inventory plays a crucial role in meeting the community's housing needs. The neighborhood's 324 LIHTC units, representing about 19.1% of the estimated housing stock, align well with the target for a balanced community. The steady development of LIHTC projects over more than two decades demonstrates a long-term commitment to affordable housing. While the population has slightly decreased, rising median incomes and stable racial demographics indicate that these affordable housing options remain vital for the community. The diverse range of unit types in LIHTC projects helps accommodate various household sizes and needs, contributing to the neighborhood's housing diversity and accessibility.