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Affordable Housing in Reeb-Hosack: LIHTC's Impact on a Changing Columbus 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
The Reeb-Hosack neighborhood in Columbus, Ohio, exhibits a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 91 total units, all designated as low-income units. This affordable housing stock serves a crucial function in addressing the community's housing needs.
Based on the neighborhood's 2022 population of 1,047 and using the national average household size, an estimate of approximately 401 housing units exists in Reeb-Hosack. The LIHTC-funded affordable housing units represent about 22.7% of this estimated housing inventory, indicating a substantial contribution of LIHTC projects to the neighborhood's affordable housing stock.
The LIHTC program has invested $2,201,415 in tax credits for affordable housing projects in Reeb-Hosack. This investment translates to an average federal funding of approximately $24,191 per unit, demonstrating a significant commitment to affordable housing in the area.
The neighborhood has experienced consistent development of affordable housing over time. The first LIHTC project, Rebuilding Lives I, was completed in 2000, while the most recent, Parsons Village II, was finished in 2019. This 19-year span indicates a sustained effort to provide affordable housing options in Reeb-Hosack.
The 2010s witnessed the most affordable housing activity, with three out of four projects completed during this decade. Notable projects include Southern Gateway Homes (2013), Parsons Senior (2015), and Parsons Village II (2019).
The LIHTC-funded housing in Reeb-Hosack offers a diverse range of unit types. Out of the 91 total units, there are 25 efficiencies, 3 one-bedroom units, 59 two-bedroom units, 3 three-bedroom units, and 1 four-bedroom unit. This variety caters to different household sizes and needs within the community.
Over the past decade, Reeb-Hosack has experienced demographic shifts. The population has decreased from 1,278 in 2013 to 1,047 in 2022. Despite this decline, the median income has shown an overall increase, rising from $25,085 in 2013 to $34,964 in 2022, with fluctuations in between.
Racial demographics have also evolved. The white population decreased from 72% in 2013 to 60% in 2022, while the Black population increased from 13% to 23% during the same period. The Asian population grew from 0% to 9%. These changes in racial composition and income levels may have influenced the continued development of LIHTC projects in the neighborhood to meet evolving housing needs.
The Reeb-Hosack neighborhood demonstrates a commitment to affordable housing through its LIHTC-funded projects. With 91 low-income units representing about 22.7% of the estimated housing inventory, these projects play a vital role in addressing the community's affordable housing needs. The consistent development of LIHTC projects over nearly two decades, coupled with demographic changes, reflects an ongoing effort to provide diverse and accessible housing options for residents. The variety of unit types and the substantial federal investment per unit underline the importance of these projects in maintaining housing affordability in Reeb-Hosack.
