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Affordable Housing in South Akron: LIHTC Impact on Family-Oriented Units
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
South Akron, a neighborhood in Akron, Ohio, has 84 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units comprise approximately 4.1% of the estimated 2,035 total housing units in the neighborhood as of 2022. This percentage suggests that while LIHTC projects contribute to the affordable housing supply, there may be potential for additional affordable housing options to meet low-income residents' needs.
The LIHTC program has invested $859,948 in tax credits in South Akron, averaging approximately $10,237 per unit. This demonstrates a significant commitment to affordable housing in the area. LIHTC projects in South Akron span from 1989 to 1999, with three projects developed during this decade.
The LIHTC funded projects in South Akron primarily focus on larger family units, with 40 three-bedroom units and 43 four-bedroom units. This inventory suggests an emphasis on accommodating families with children or multigenerational households.
South Akron has experienced demographic changes over the past decade. The population decreased from 6,523 in 2015 to 5,311 in 2022, a decline of about 18.6%. Despite this population decrease, the median income increased from $23,868 in 2015 to $36,733 in 2022, a rise of approximately 54%.
Racial demographics in South Akron have shifted slightly. The Black population remained relatively stable, comprising 36% of the population in 2021 and 41% in 2022. The White population decreased from 51% in 2015 to 46% in 2022. The percentage of residents identifying as two or more races increased from 5% in 2015 to 9% in 2022.
No new LIHTC projects have been constructed in South Akron in the last decade. The rising median income could suggest a decreasing need for additional affordable housing. However, income inequality and specific housing needs may still exist within the neighborhood.
South Akron's LIHTC funded affordable housing inventory covers a relatively small portion of the estimated housing stock. The neighborhood has received substantial federal investment in affordable housing, particularly during the 1990s. The focus on larger units indicates an emphasis on family-oriented affordable housing. Recent population decreases, rising median income, and slight shifts in racial demographics contribute to the complex housing landscape of South Akron.
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