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Affordable Housing in Woodland Hills: Long-term LIHTC Investment Amidst Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Woodland Hills, a neighborhood in Cleveland, Ohio, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 314 total units in LIHTC funded projects, with 287 designated as low-income units. Based on the 2022 population of 6,148 and using the national average household size, there are approximately 2,356 housing units in the neighborhood. The LIHTC funded affordable housing comprises about 13.3% of the estimated housing inventory, approaching the target percentage for a well-balanced community.
The LIHTC program has invested substantially in Woodland Hills, with project tax credits totaling $890,671. This equates to an average federal funding of about $2,836 per unit in LIHTC funded projects. The neighborhood has experienced steady development of affordable housing over several decades. The earliest recorded LIHTC project, Shaker Colony Apartments, was completed in 1988, while the most recent, St Luke's Hospital Apartments Phase II, was finished in 2013. This 25-year span demonstrates a long-term commitment to affordable housing in the area.
The 1990s and 2000s were particularly active for affordable housing development in Woodland Hills. Notable projects from this period include Shaker Boulevard Gardens (1994), Buckeye Homes II (1997), and Cleveland New Homes II (2003). The variety of unit types in these projects caters to diverse household needs, with 5 efficiencies, 62 one-bedroom, 57 two-bedroom, 42 three-bedroom, and 36 four-bedroom units.
Over the past decade, Woodland Hills has experienced significant demographic shifts. The population has decreased from 9,123 in 2013 to 6,148 in 2022, a decline of about 32.6%. Despite this population decrease, the median income has risen from $17,768 in 2013 to $24,466 in 2022, an increase of about 37.7%.
The racial composition of the neighborhood has remained predominantly African American, with a slight decrease from 94% in 2013 to 89% in 2022. There has been a small increase in diversity, with slight growth in the white, Hispanic, and multi-racial populations.
The most recent LIHTC project in the neighborhood was completed in 2013, coinciding with the beginning of the observed demographic trends. The lack of new LIHTC projects since then may be related to the declining population, which could indicate a reduced demand for new housing units. However, the rising median income might suggest a changing economic landscape in the neighborhood.
Woodland Hills has a substantial inventory of LIHTC funded affordable housing, covering about 13.3% of the estimated housing stock. The neighborhood has benefited from consistent affordable housing development from 1988 to 2013, with significant activity in the 1990s and 2000s. The LIHTC program has provided an average of $2,836 per unit in federal funding. Despite a declining population over the past decade, median incomes have risen, and there has been a slight increase in racial diversity. These demographic shifts may influence future affordable housing needs and development in the neighborhood.
