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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
West Akron, a neighborhood in Akron, Ohio, contains 128 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. This inventory comprises 1.85% of the estimated 6,922 total housing units in the neighborhood. The LIHTC program has invested $2,065,884 in tax credits in West Akron, averaging approximately $16,140 per unit.
Affordable housing development in West Akron spans over three decades. The first LIHTC project, Seward House, was completed in 1987, while the most recent, Stoney Pointe Commons II, was finished in 2020. The 1980s saw the highest number of affordable housing projects completed, with three projects built between 1987 and 1988. Recent years have also seen renewed activity with projects completed in 2018 and 2020.
The LIHTC inventory in West Akron primarily consists of one-bedroom units, with 116 such units available. This suggests a focus on housing for individuals or small families. The consistent development of LIHTC projects over time indicates an ongoing effort to meet the community's affordable housing needs.
West Akron's population has decreased slightly from 20,127 in 2015 to 18,066 in 2022. Despite this decline, the median income has increased from $38,120 in 2015 to $42,772 in 2022. The racial composition of the neighborhood has changed, with the Black population decreasing from 69% in 2015 to 59% in 2022, while the White population increased from 26% to 30%. The neighborhood has also experienced a small increase in diversity, with growth in the Hispanic population and those identifying as two or more races.
The construction of new LIHTC projects in 2018 and 2020 aligns with these demographic shifts, suggesting a continued need for affordable housing despite the slight population decrease and income growth. The role of LIHTC funded housing remains significant in ensuring housing accessibility for low-income residents in West Akron.
West Akron's LIHTC funded affordable housing inventory represents a long-term commitment to providing affordable options in the neighborhood. The consistent development of LIHTC projects over three decades, coupled with recent additions, indicates an ongoing effort to meet the community's housing needs. As the neighborhood continues to evolve demographically, with slight increases in income and diversity, the importance of maintaining and expanding affordable housing options remains evident.