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Affordable Housing in Zip Code 43050: Three Decades of LIHTC Development in Mount Vernon, Ohio
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 43050, located in Mount Vernon, Ohio, presents a case study for Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area has 239 affordable housing units, all designated as low-income units. These LIHTC-funded projects cover approximately 2.17% of the estimated 11,002 housing units in the zip code, based on the 2022 population and national average household size.
The LIHTC program has invested in this zip code, with project tax credits totaling $702,853. This translates to an average federal funding of about $2,941 per unit. This zip code accounts for 0.17% of the total LIHTC funding allocated to Ohio, indicating a contribution to the state's affordable housing efforts.
Affordable housing has been part of this community for over three decades. The first LIHTC project, Sandusky Street Apts, was completed in 1987, while the most recent addition, Vernon Ridge Apartments, was finished in 2020. The 1980s saw the initiation of affordable housing in this area, with two projects completed. The 2000s and 2010s each saw two more projects added, demonstrating efforts to expand affordable housing options over time.
The LIHTC-funded housing in this zip code offers a range of unit sizes. The inventory includes 8 one-bedroom units, 47 two-bedroom units, 49 three-bedroom units, and 4 four-bedroom units. This distribution suggests accommodation for families of various sizes within the affordable housing framework.
Examining demographic trends over the past decade reveals patterns. The population has shown growth, increasing from 26,799 in 2017 to 28,715 in 2022. Median income has risen, from $52,309 in 2017 to $57,490 in 2022, indicating a gradual improvement in economic conditions. The continued development of LIHTC projects suggests an ongoing need for affordable housing options.
The racial composition of the zip code has remained relatively stable, with a slight decrease in the white population from 95% in 2017 to 92% in 2022. There has been a small increase in diversity, with Hispanic and two or more races categories showing slight growth. This demographic stability, coupled with the consistent development of LIHTC projects, indicates that affordable housing remains a priority regardless of minor shifts in population composition.
In summary, zip code 43050 demonstrates a commitment to affordable housing through the LIHTC program. While the current inventory covers a small percentage of the estimated housing units, the consistent development over three decades shows ongoing efforts to address affordable housing needs. The diversity in unit sizes and the correlation with demographic trends suggest that these projects are responding to the evolving needs of the community. As the area continues to grow and change, the role of LIHTC-funded housing will likely remain significant in ensuring housing accessibility for lower-income residents.
