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Affordable Housing in South Fairmount: LIHTC Impact 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
South Fairmount, a Cincinnati, Ohio neighborhood, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 478 affordable units, all designated as low-income. Based on the 2022 population of 4,165 and using the national average household size, the estimated housing inventory is approximately 1,596 units. LIHTC funded affordable housing comprises about 30% of the neighborhood's estimated housing inventory, aligning with typical affordable housing requirements.
The LIHTC program has invested $680,596 in tax credits for affordable housing projects in South Fairmount, averaging about $1,424 per unit in federal funding. The neighborhood has maintained a consistent commitment to affordable housing over several decades, with projects spanning from 1987 to 2006, representing nearly two decades of affordable housing development.
Affordable housing development in South Fairmount began in the 1980s with St Francis Apts (1987) and Whitewood Apts (1988). The early 2000s saw two additional developments: Autumn Woods (2004) and Fairview Estates (2006), indicating renewed focus on affordable housing. The LIHTC funded housing offers diverse unit types, including 4 efficiencies, 12 one-bedroom units, 256 two-bedroom units, 7 three-bedroom units, and 4 four-bedroom units. The predominance of two-bedroom units suggests a focus on accommodating small families or couples.
South Fairmount has experienced demographic shifts over the past decade. The population decreased from 4,798 in 2013 to 4,165 in 2022, a 13% decline. Despite this decrease, the median income increased from $21,614 in 2013 to $31,540 in 2022, a 46% rise. The racial composition has also changed, with the Black population decreasing from 56% to 45%, the Hispanic population increasing from 6% to 12%, and the White population slightly increasing from 33% to 36% between 2013 and 2022.
These demographic changes, particularly the rising median income, may suggest a reduced need for additional affordable housing in recent years. However, the existing LIHTC projects continue to play a crucial role in maintaining housing affordability for a significant portion of the neighborhood's residents.
South Fairmount's LIHTC funded affordable housing inventory of 478 units covers about 30% of the estimated housing stock, aligning with typical affordable housing needs. The neighborhood saw consistent development of affordable housing from 1987 to 2006, with a mix of unit types predominantly featuring two-bedroom apartments. While the population has decreased over the past decade, median income has increased, and there have been shifts in racial composition. These demographic changes may have influenced the lack of new LIHTC projects in recent years, but the existing affordable housing continues to serve an important function in the community.
