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Affordable Housing in Winchester, Ohio: A Single LIHTC Project's Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Winchester, Ohio is a small community with one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, providing 2 low-income units to its residents. The estimated housing inventory of 1,318 units indicates that LIHTC-funded affordable housing covers approximately 0.15% of the city's housing stock, suggesting a relatively small role in the overall housing landscape.
The LIHTC program has contributed $168,993 in tax credits to Winchester for affordable housing. This single project funding translates to an average of $168,993 per project and $84,496.50 per unit. Winchester's LIHTC funding represents 0.04% of Ohio's total LIHTC allocation.
The sole LIHTC project in Winchester, "Swp Homes," was completed in 2000. This project has been providing affordable housing options to the community for over two decades, consisting of two three-bedroom units catering to families or households requiring more space.
Demographic trends over the past decade show fluctuations in Winchester's population. The city experienced a decline from 2,870 residents in 2013 to 2,643 in 2019, followed by a significant increase to 3,441 residents by 2022. This recent population growth might indicate a potential need for additional affordable housing options in the future.
Median income in Winchester has shown an upward trend, rising from $44,653 in 2013 to $69,588 in 2022. This increase in median income could potentially impact the demand for affordable housing, as fewer residents may qualify for low-income housing programs.
Regarding racial demographics, Winchester has maintained a predominantly white population throughout the past decade, with minimal changes in racial diversity. The percentage of white residents has remained consistently above 94% from 2013 to 2022.
In summary, Winchester's LIHTC-funded affordable housing inventory is limited to one project with two units, representing a small fraction of the city's estimated housing stock. While the city has experienced recent population growth and rising median incomes, the impact of LIHTC funding on affordable housing remains modest. Ongoing assessment of affordable housing needs may be necessary to ensure adequate housing options for all residents as the community continues to evolve.
