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Affordable Housing in Southwyck: LIHTC's Impact on Toledo 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
Southwyck, a neighborhood in Toledo, Ohio, contains 169 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. All units are designated as low-income. Based on the 2022 population of 16,311 and the national average household size of 2.61, the estimated total housing units in Southwyck is 6,249. LIHTC funded affordable housing represents approximately 2.7% of the estimated housing inventory in the neighborhood.
The LIHTC program has invested $844,426 in tax credits for affordable housing projects in Southwyck. This equates to an average federal funding of $4,997 per unit. Affordable housing funded by LIHTC has been present in Southwyck since 1990, with the first project, Glendale, completed that year. The most recent project, Heathergate Park Apartments, was completed in 1996, indicating a three-decade presence of affordable housing in the area.
The 1990s saw the highest number of affordable housing project completions in Southwyck. Heathergate Park Apartments, the largest project, accounts for 168 of the 169 total units. This development includes 4 one-bedroom units, 8 two-bedroom units, and 48 three-bedroom units, indicating a focus on accommodating various family sizes.
Southwyck's population has decreased slightly over the past decade, from 17,339 in 2013 to 16,311 in 2022. The median income has fluctuated, reaching $53,960 in 2021 before decreasing to $47,233 in 2022. The neighborhood has remained predominantly white, though the percentage has decreased from 69% in 2013 to 62% in 2022. The Black population has remained relatively stable at 20-22%, while the Hispanic population has increased slightly from 4% to 8% during this period.
The absence of new LIHTC projects in the last decade may be related to the relatively stable demographic trends and the existing affordable housing stock. However, recent fluctuations in median income and slight changes in racial composition may indicate evolving housing needs that could be addressed in future planning.
Southwyck's LIHTC funded affordable housing inventory, while modest in proportion to the estimated total housing units, represents a significant investment in the community's affordable housing needs. The existing projects, particularly Heathergate Park Apartments, provide a range of unit sizes to accommodate diverse household compositions. The neighborhood's changing demographics and income levels suggest that ongoing assessment of affordable housing needs may be beneficial for future planning and development considerations.
