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Affordable Housing in Somerset: LIHTC Inventory 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
Somerset, a neighborhood in Columbus, Ohio, has a population of 12,373 as of 2022. The neighborhood contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory, comprising 618 total units, with 571 designated as low-income units. Based on an estimated housing inventory of 4,741 units, LIHTC funded affordable housing represents approximately 13.1% of the neighborhood's housing stock, approaching the 15-20% target for a well-balanced community.
The LIHTC projects in Somerset have received $1,669,386 in tax credits, averaging about $2,701 per unit across all LIHTC funded projects. Affordable housing in Somerset dates back to at least 1999, with the completion of Corban Commons and Providence Glen. The most recent project, Agler Green, was completed in 2003, indicating at least 4 years of affordable housing development in the area.
The early 2000s witnessed the most affordable housing activity in Somerset, with Agler Green being the largest project, contributing 384 units to the neighborhood's affordable housing inventory. LIHTC funded projects in Somerset offer diverse unit types, including 75 one-bedroom, 318 two-bedroom, 200 three-bedroom, and 24 four-bedroom units, catering to various household sizes and needs within the low-income population.
Somerset has experienced steady population growth over the past decade, increasing from 9,739 in 2013 to 12,373 in 2022. The median income has also risen, from $43,756 in 2013 to $53,354 in 2022, indicating improving economic conditions for residents.
Regarding racial demographics, Somerset has maintained a predominantly Black population, with a slight decrease from 68% in 2013 to 62% in 2022. The Asian population has notably increased, growing from 2% to 10% during the same period. The White population has decreased from 22% to 16%.
Despite the absence of new LIHTC projects in the last decade, the existing affordable housing stock continues to play a crucial role in the neighborhood. The rising median income and changing racial composition suggest an evolving demographic landscape, which may influence future affordable housing needs.
Somerset's LIHTC funded affordable housing inventory provides a substantial contribution to the neighborhood's housing stock, approaching the target percentage for a well-balanced community. The neighborhood has seen significant investment in affordable housing, with projects dating back to 1999. The diverse unit types available cater to various household sizes within the low-income population. The neighborhood has experienced population growth, increasing median income, and shifts in racial composition, factors that may shape future affordable housing needs in Somerset.
