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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Tremont, a neighborhood in Cleveland, Ohio, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 189 total units, with 126 designated as low-income units. Based on the estimated 2,609 housing units in Tremont, LIHTC-funded affordable housing represents approximately 7.2% of the neighborhood's housing inventory.
The LIHTC projects in Tremont have received $690,085 in tax credits, averaging about $3,651 per unit across all LIHTC-funded projects. This federal funding has been instrumental in developing affordable housing in the area.
Affordable housing has been part of Tremont's landscape for over a decade. The first LIHTC project, Valleyview Phase I, was completed in 2007, followed by Valleyview Phase II in 2009. This indicates that affordable housing initiatives have been ongoing in the neighborhood for at least 15 years.
The 2000s were a significant decade for affordable housing development in Tremont, with both LIHTC projects being completed during this period. The housing inventory includes a mix of unit types, with a majority being two-bedroom units (128), followed by three-bedroom units (38), one-bedroom units (19), and a small number of four-bedroom units (4).
Over the past decade, Tremont's population has remained relatively stable, fluctuating between 6,500 and 7,200 residents. The median income has shown a significant upward trend, increasing from $32,111 in 2013 to $56,802 in 2022. This rise in median income suggests a changing economic landscape in the neighborhood.
Racial demographics have also shifted. The white population has increased slightly from 62% in 2013 to 67% in 2022, while the Black population has decreased from 17% to 9% during the same period. The Hispanic population has remained relatively stable, around 15-16%.
Tremont's LIHTC-funded affordable housing inventory represents a significant portion of the neighborhood's housing stock, providing essential low-income units. The development of these projects in the late 2000s has contributed to the neighborhood's housing diversity. While the median income has risen substantially over the past decade, the presence of these affordable units helps maintain economic diversity in the area. The changing racial demographics and increasing median income indicate ongoing socioeconomic shifts in Tremont, highlighting the continued importance of affordable housing options in the neighborhood.