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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 16316, located in Conneaut Lakeshore, Pennsylvania, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 40 total units in LIHTC funded projects, with 4 designated as low-income units. Based on the 2022 population of 4,565 and an estimated 1,749 housing units, LIHTC funded affordable housing comprises approximately 2.29% of the zip code's estimated housing inventory.
The LIHTC program has invested in this zip code, with project tax credits totaling $1,011,135. This equates to an average federal funding of $25,278 per unit in LIHTC funded projects. Zip code 16316 accounts for 0.17% of Pennsylvania's total LIHTC funding allocation, indicating a modest contribution to the state's affordable housing efforts.
Evans Square, completed in 2018, is the sole LIHTC funded project in the zip code. This project marks the introduction of LIHTC funded affordable housing in the area, suggesting a recent focus on affordable housing development in this community.
The housing mix in Evans Square consists of 36 one-bedroom units and 4 two-bedroom units, primarily serving smaller households. This distribution reflects an approach to meet the diverse housing needs of the local population.
Demographic trends over the past decade reveal patterns related to the LIHTC project development. The population in zip code 16316 has declined, decreasing from 5,123 in 2019 to 4,565 in 2022. Despite this population decrease, the median income has increased from $62,814 in 2019 to $65,498 in 2022, indicating a potential rise in overall economic stability.
The racial composition of the zip code has remained relatively stable, with a predominant white population (94% in 2022) and small increases in Hispanic (2%) and multiracial (2%) populations. This demographic consistency suggests that the LIHTC project was developed to address ongoing affordable housing needs rather than in response to significant demographic shifts.
Zip code 16316 demonstrates a targeted approach to affordable housing through its LIHTC funded project, Evans Square. While the 40 units represent a small portion of the estimated housing inventory, they provide affordable options in an area with rising median incomes. The project's completion in 2018 indicates a growing awareness of affordable housing needs in the community. The focus on one and two-bedroom units aligns with the area's demographic trends, potentially serving smaller households or an aging population. Monitoring the impact of this LIHTC investment will be important for understanding its long-term effects on housing affordability and community development in the zip code.