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Affordable Housing in Rock Creek: LIHTC Impact on a Small Ohio Community
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Rock Creek, Ohio, is a small community with a specific affordable housing landscape. The city has utilized the Low-Income Housing Tax Credit (LIHTC) program to contribute to its affordable housing inventory. As of the most recent data, Rock Creek has 31 total units in LIHTC-funded projects, with 4 of these designated as low-income units.
Based on the estimated housing inventory of approximately 563 units, the LIHTC-funded affordable housing comprises about 5.5% of the city's housing stock. This percentage is below the ideal target of 15-20% affordable housing. Other programs may contribute to the overall affordable housing inventory in Rock Creek.
The city received $860,097 in project tax credits through the LIHTC program. With one project, this translates to an average federal funding of $860,097 per project. When divided by the total units, it amounts to about $27,745 per unit in federal funding. Rock Creek holds 0.2% of Ohio's total LIHTC funding, indicating a small share of the state's affordable housing resources.
The LIHTC-funded affordable housing in Rock Creek is represented by a single project, Majors Crossing, completed in 2015. This project marks the initiation of LIHTC-funded affordable housing in the city, suggesting a recent focus on expanding affordable housing options through this program.
Majors Crossing offers a mix of unit types, with a majority being two-bedroom units (22), followed by three-bedroom units (8), and one one-bedroom unit. This distribution indicates a focus on accommodating households of various sizes within the affordable housing framework.
Analyzing demographic trends over the past decade, Rock Creek has experienced fluctuations in population. The city's population declined from 1,364 residents in 2010 to 1,005 in 2017, followed by an increase to 1,469 by 2022. This recent population growth may indicate an increased demand for housing, including affordable options.
Median income in Rock Creek has shown variability, peaking at $56,946 in 2019 before declining to $46,356 in 2022. This recent decrease in median income could potentially increase the need for affordable housing options in the community.
Racial demographics in Rock Creek have remained relatively stable, with a predominantly white population (94% in 2022). There has been a slight increase in diversity, with the Hispanic population growing from 0% in 2014 to 3% in 2022.
In summary, Rock Creek's LIHTC-funded affordable housing, while limited in scale, represents an effort to address affordable housing needs in the community. The recent population growth and fluctuations in median income suggest an evolving demographic landscape that may influence future affordable housing demands. As the city continues to develop, monitoring these trends will be crucial in assessing and meeting the affordable housing needs of Rock Creek's residents.
