Loading Content...
Affordable Housing in Pleasant Run Farm: A Single LIHTC Project's Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Pleasant Run Farm, an Ohio community, has a population of 3,658 as of 2022. The city's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprises 130 total units, with 13 designated as low-income units. This represents approximately 9.3% of the city's estimated 1,402 housing units.
The LIHTC program has provided $201,299 in project tax credits to Pleasant Run Farm. With one project, this equates to an average federal funding of $201,299 per project and $1,548 per unit. The city's share of total state funding for LIHTC projects in Ohio is 0.05%.
Pleasant Run Apts, completed in 1998, is the sole LIHTC funded project in Pleasant Run Farm. This project has been providing affordable housing in the city for over two decades. It consists of 130 total units, including 24 one-bedroom, 72 two-bedroom, and 34 three-bedroom units, accommodating households of various sizes.
Pleasant Run Farm has experienced demographic changes over the past decade. The population decreased from 4,524 in 2015 to 3,658 in 2022. The median income fluctuated, reaching $80,387 in 2019 before declining to $73,233 in 2022. Racial demographics shifted significantly, with the Black population increasing from 30% in 2015 to 49% in 2022, while the White population decreased from 63% to 43%. The Hispanic population increased slightly from 0% to 3% during this period.
Despite these demographic changes, no new LIHTC projects have been developed in Pleasant Run Farm in the last decade. This lack of development could be attributed to various factors, including changes in local housing policies, economic conditions, or the availability of alternative affordable housing programs.
Pleasant Run Farm's LIHTC funded affordable housing inventory, while limited, provides an important contribution to the city's housing needs. The Pleasant Run Apts project offers a mix of unit sizes to accommodate diverse household compositions. The city's small share of state LIHTC funding suggests potential opportunities for future affordable housing development to address evolving community needs.
