Loading Content...
Affordable Housing in Zip Code 43022: LIHTC Investment in Gambier, Ohio
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 43022, encompassing Gambier, Ohio, exhibits a distinct affordable housing profile. The Low-Income Housing Tax Credit (LIHTC) program has financed 48 affordable units in this area, all categorized as low-income units. This zip code spans 41.4 square miles and had a population of 4,725 in 2022. Using the national average household size of 2.61, the estimated housing inventory for this zip code is approximately 1,810 units. The LIHTC-funded affordable housing units constitute about 2.65% of the estimated housing inventory in zip code 43022.
The LIHTC program has allocated $541,383 in tax credits to projects in zip code 43022, averaging $11,279 per affordable unit. This allocation represents 0.13% of Ohio's total LIHTC funding, indicating a modest yet meaningful investment in affordable housing for this area. Meadow Ridge Apartments, completed in 2018, is the only LIHTC-funded project in this zip code. It offers a combination of 16 one-bedroom and 32 two-bedroom units, demonstrating a recent acknowledgment of the need for affordable housing options in the area.
Over the past decade, the population in zip code 43022 has remained relatively stable, fluctuating between 4,600 and 5,100 residents. The median income has shown an overall upward trend, increasing from $60,165 in 2013 to $69,506 in 2022, with a notable peak of $87,808 in 2021. This income growth may have influenced the decision to develop affordable housing in the area to maintain economic diversity.
Racial demographics in zip code 43022 have remained fairly consistent, with the white population comprising around 90-93% of residents throughout the decade. There has been a slight increase in diversity, with small increases in Hispanic and multiracial populations. The development of LIHTC-funded housing in 2018 coincides with these subtle demographic shifts, potentially addressing the needs of a changing community.
The LIHTC program has made a targeted investment in affordable housing in zip code 43022, with the completion of Meadow Ridge Apartments in 2018. This development provides 48 low-income units, addressing approximately 2.65% of the estimated housing inventory. While this percentage is relatively small, it represents a significant step towards providing affordable housing options in an area that has experienced moderate income growth and slight increases in diversity over the past decade. The mix of one- and two-bedroom units suggests a focus on accommodating various household sizes within the low-income population. As the community continues to evolve, ongoing assessment of affordable housing needs will be crucial to ensure adequate support for diverse income levels.
