Loading Content...
Affordable Housing in Warren Sherman: A Three-Decade LIHTC Legacy
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Warren Sherman neighborhood in Toledo, Ohio, possesses a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The neighborhood contains 391 total units in LIHTC-funded projects, including 217 low-income units. Based on the 2022 population of 2,187 and an estimated 838 housing units, LIHTC-funded affordable housing comprises approximately 46.7% of the neighborhood's estimated housing inventory. This high percentage indicates that LIHTC projects are integral to meeting the area's affordable housing needs.
The LIHTC program has invested $635,534 in tax credits for affordable housing projects in Warren Sherman. This investment equates to an average federal funding of approximately $1,625 per unit across all LIHTC-funded projects in the neighborhood. Affordable housing has been a consistent feature of Warren Sherman, with projects spanning from 1988 to 2019. The first LIHTC project, Beacon Place, was completed in 1988, while the most recent addition, Franklin Village Senior Homes (formerly known as George Mance Commons), was finished in 2019. This 31-year span demonstrates a sustained effort to provide affordable housing in the neighborhood.
The 1980s saw the completion of two affordable housing projects: Beacon Place (1988) and Alpha Towers (1989). The early 2000s brought New Cheney Flats in 2002, followed by a gap until the most recent project in 2019. This pattern suggests periodic investments in affordable housing over the decades. The LIHTC-funded projects in Warren Sherman offer a variety of unit types, including 11 one-bedroom, 36 two-bedroom, and 40 three-bedroom units. This diverse mix caters to different household sizes and needs within the low-income population.
Over the past decade, Warren Sherman's population has remained relatively stable, fluctuating between 2,187 and 2,341 residents. The median income has shown a general upward trend, rising from $11,410 in 2013 to $17,399 in 2022, despite some fluctuations. This increase in median income might indicate a gradual economic improvement in the neighborhood.
The racial composition of Warren Sherman has remained predominantly African American, with the percentage of Black residents consistently above 70% throughout the decade. The white population has slightly decreased from 19% in 2013 to 15% in 2022, while the Hispanic population has remained relatively stable at around 4-7%. The completion of Franklin Village Senior Homes in 2019 aligns with the neighborhood's demographic trends, potentially addressing the needs of an aging population or responding to the slight increase in median income by providing updated affordable housing options.
Warren Sherman's affordable housing landscape is characterized by a significant LIHTC presence, covering nearly half of the estimated housing inventory. The neighborhood has seen consistent investment in affordable housing over three decades, with projects catering to various household sizes. The recent addition of Franklin Village Senior Homes in 2019 demonstrates ongoing efforts to meet affordable housing needs. While the population has remained stable, the slight increase in median income and consistent racial composition suggest a community that continues to require and benefit from affordable housing options. The LIHTC program has played a crucial role in shaping the housing landscape of Warren Sherman, contributing to its socioeconomic fabric over time.
