Loading Content...
Affordable Housing in Swanton, Ohio: LIHTC Program Impact and Demographic Trends
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Swanton in Ohio has a total of 88 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units, with 34 designated as low-income units. This represents approximately 3.35% of the city's estimated 2,628 housing units. The LIHTC program has provided $1,124,169 in project tax credits to Swanton, accounting for 0.26% of Ohio's total LIHTC funding.
The LIHTC-funded affordable housing in Swanton spans from 2005 to 2020. Two projects have been completed during this period: Paigelynn Place in 2005 and Swan Creek Crossing in 2020. The average federal funding per project is $562,084.50, with $12,774.65 allocated per unit. The unit mix includes 21 one-bedroom, 11 two-bedroom, 28 three-bedroom, and 28 four-bedroom units.
Swanton's population has slightly decreased from 6,991 in 2010 to 6,860 in 2022. The median income has increased from $56,427 in 2013 to $65,853 in 2022. The racial composition has remained predominantly white (90% in 2022), with small increases in diversity. The Hispanic population has fluctuated between 3% and 9% over the past decade.
The completion of Swan Creek Crossing in 2020 aligns with the demographic trends observed in Swanton. This project potentially addresses the need for affordable housing in a community experiencing rising median incomes and gradual diversification. The LIHTC-funded units, while representing a small percentage of the city's housing stock, contribute to the affordable housing options in Swanton and Ohio.
The LIHTC program's impact in Swanton is evident through its provision of diverse unit sizes to accommodate various household types. The two projects developed over 15 years demonstrate ongoing efforts to maintain and expand affordable housing options. These developments are particularly relevant given the context of increasing median incomes and subtle demographic shifts in the community.
In conclusion, Swanton's LIHTC-funded affordable housing inventory plays a role in addressing local housing needs. Despite its modest size, it represents a consistent effort to provide affordable housing options. The recent completion of Swan Creek Crossing in 2020 indicates continued investment in affordable housing, responding to the evolving demographic and economic landscape of Swanton.
