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Affordable Housing in Zip Code 43616: Long-term LIHTC Investments in Oregon, 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 43616 in Oregon, Ohio, contains a significant inventory of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. The area has 263 affordable housing units, with 200 specifically designated as low-income units. Based on the 2022 population of 21,303 and using the national average household size, there are an estimated 8,162 housing units in this zip code. The LIHTC funded affordable housing represents approximately 3.2% of the estimated housing inventory in the zip code.
The LIHTC program has made substantial investments in this zip code, with project tax credits totaling $1,683,688. This equates to an average federal funding of $6,402 per unit. This zip code accounts for 0.4% of the total state LIHTC funding, indicating its significance in Ohio's affordable housing landscape.
Affordable housing has been a consistent feature of this zip code, with projects spanning from 1996 to 2020. The initial LIHTC project, Luther Hills Apartments, was completed in 1996, while the most recent addition, Oregon Senior Lofts, was finished in 2020. This 24-year span demonstrates a sustained commitment to affordable housing in the area.
The 2020s witnessed the largest investment in affordable housing with the completion of Oregon Senior Lofts, contributing 81 low-income units. The inventory primarily consists of one-bedroom and two-bedroom units, with 131 one-bedroom and 33 two-bedroom units across all projects.
Over the past decade, the zip code's population has remained relatively stable, fluctuating between 21,000 and 21,500 residents. The median income has shown an overall upward trend, increasing from $61,123 in 2013 to $66,293 in 2022, with a peak of $75,479 in 2021. This increase in median income may indicate a growing need for affordable housing options to maintain economic diversity in the area.
Racial demographics have remained fairly consistent, with a slight decrease in the white population from 88% in 2013 to 85% in 2022, and a small increase in Hispanic residents from 6% to 9% over the same period. The completion of Oregon Senior Lofts in 2020 aligns with these demographic shifts, potentially addressing evolving housing needs in the community.
The LIHTC program has played a crucial role in providing affordable housing in zip code 43616, with projects spanning over two decades. The most recent investment in 2020 suggests ongoing attention to affordable housing needs. The current LIHTC-funded units represent a small percentage of the estimated housing inventory, but contribute significantly to the area's affordable housing stock. The demographic trends, including rising median income and slight shifts in racial composition, underscore the continued importance of maintaining and potentially expanding affordable housing options in this zip code.
